I know there are many coaches that love 20-minute steady state efforts at lactate threshold. Some cycling coaches will work toward 2 x 20 minute threshold efforts as the gold standard.
I have always preferred broken efforts or intervals. An example for cycling and running is 4 x 6 minutes at threshold heart rate, power or speed. Recovery intervals are 2 minutes long. A second example is one effort at 20 minutes with 5 minutes of recovery.
That effort is immediately followed by 5 x 4 minutes with 1-minute recovery intervals. I've found the average power output or speed is much better with the final effort being intervals rather than a second steady 20-minute effort.
One study supports my personal preference, showing runners using steady efforts improved running speed by 7 percent and those using intervals improved by 9 percent. It is important to note that both groups improved running speed.
Interestingly, VO2max improved by 10 percent in the steady effort group and only 6 percent in the interval group. In this particular study, improvements in VO2max did not correlate to improvements in running speed.
It seems to me that the best approach would include both methods. Personally I find it more interesting to mix-up my workouts.