Photo by Al_HikesAZ
I see this study reports that people who undertake moderate exercise for two weeks show improved body image, even though there is no measurable change of body shape or weight. This is not the first time researchers have attempted to expose the futility of those poor, deluded exercise fanatics.
Of course the first and most dramatic effect of exercise—often noticeable within a couple of days—is an increase in strength, stamina, and generally the perceived ease of the workout. (Frequently there is an initial burst of improvement, followed by slow and uneven improvement thereafter.) This would seem sufficient grounds for feeling better about one's body, no matter who might come by with scale and tape measure to helpfully point out that you are just as fat as ever.