My current health condition means I've had to kick back my cardio workouts to just walking... which isn't bad, but isn't great either. (I've decided to add some elliptical machine in at some point, perhaps.)
I'd also cut out strength training to be extra cautious, but then I started to notice a big difference in my upper body strength. I couldn't even really see a muscle when I flexed my bicep! So I am now adding some strength training back in to my routine. I'm just doing some upper body stuff--bicep curls, tricep extensions, military presses--with some light weights (8 lbs.). It's not much, but at least I feel like I'm doing something.
Overall, I'd call my exercise routine light but adequate. It's just enough to keep me from turning into a total couch potato, but not enough to see any gains. In fact, it's probably not even enough to maintain my current level of fitness. All it does it slow down my fitness loss.
Still... research suggests that a brisk walk most days of the week coupled with some light strength training is the minimum we need to improve our health. So even if I'm not in "athletic" mode, I'm at least doing something good for my heart, muscles, bones and body.