Moraghan - I can't speak for Wayne, but 2 months of walking and biking would not have my weight 'under control' (assuming that means being a 'healthy bmi'). Although it is true that diet is by far the more important part of the diet and exercise thing when it comes to weight loss, exercise is still very effective and running will burn more calories than walking (for a given time spent doing it at any rate).
Personally, I've been running less than a year, but I am loving it. I got up to 5k by the start of the year and it is since then that I've started to get my diet under control. Maybe this doesn't make much sense, but I wanted to run, I didn't particularly want to diet I guess. Now I can run, I find it easier to control my food - maybe because I now actually want to lose weight in order to get better at running, maybe because the running high is so much better than the chocolate cake high (which is always sharply followed by a chocolate cake low), maybe it's something about the fact that I am now regularly running what to me is a fair distance that it changes my self image a bit to 'healthy person' rather than 'couch potato'. I don't really know, I expect it's bits of all of these and more.
My weight is not yet 'under control', but it is decreasing. Don't know if I've explained this very well and I guess everyone is different with what works for them anyway.
Wayne - you should do whatever works for you, but as you're asking for advice I'm guessing you are asking 'is this going to work for me?' and I think the general answers here are saying 'no, probably not'. Someone more expert in running could possibly explain why not in more detail, but the starting distances are too short - there's just no point in that short a distance. It's fine if that is as far as you can run, but run it, then walk for an equivalent amount of time, run it again, walk again, run again would be a better idea. Couch to 5 k plans this out for you by telling you to run/walk etc. By the end of your plan you are doing too much for only being 5 months in - 4 long runs in a week where I think most people would do 1 long and 2 or 3 shorter ones.