well what works for one may not work for an other, lunges certainly helped me tighten down my lovehandle area probably because they really work my fat ass ie the glute medius and minimus, and walking up steep hills at least makes me think I am working that areas more, the only other thing I can honestly say helped once but I don't use it now was yohimbine hcl.
They too are the last place I lose fat, but I beleive if you work hard on a speific area along with diet, you will start to get somewhere at least.