I always used to think that content was king but recently I have started to see that the main factor is links, links and more links. Of course it is important to have good content as well but I have seen sites with completely static content, and not much of it, rank amazingly well in the serps for years. After changing my focus more towards link building from content creation I have seen my sites rank better in serps and also have much better PR. I’m now doing a ratio of about 15% content to 85% link building and until I see a dip I’ll carry on. I wish the search engines would focus more on content but in my experience it really isn’t such a big factor.