I am a treadmill enthusiast as well, but I am into more cardiovascular fitness. Sounds like you are fit enough to do more advanced cardio. The most effective way to burn calories is relative to the intensity of your exercise. It used to be that scientists and doctors thought that walking is just as good as running. Not really. Walking even though beneficial does not benefit the heart as well as running.
If you are a moderately fit person, try working out at 70% to 75% heart capacity. I believe
www.onhealth.com www.healthscout.com have a fitness calculator to find your target heart rate. Then when you are extremely fit, you can move up to 80%, and try to sustain it for 15 to 20 minutes. It does not matter if you are doing it on an incline or just increasing your speed. What matters is to get that heart rate up. I for one will incline about .5 degrees to match the wind resistance outside. But lately, the knees are saying no, so I just keep it at 0 degrees and just run faster. I need to go at 6 mi/hr on the treadmill to get my heart capacity at 80%. This is pretty fast for a 5'3' woman. Warm up is usually 4.5 mi/hr for 5 mins, gradually building it up 5.5 mi/hr for 15 mins. And then later during the last 10 minutes go up to 6.0 min/hr.
Lately, I have been having trouble getting my heart capacity up to 80% on the treadmill. This is not because I am incapable but I would have to advance to a very fast run to do this. So I switched over to Nordic Track. It sometimes happen when your cardio gets to efficient.