"MHO, whether you're talking about Google, Yahoo, or Bob's Seach-O-Rama, in general, a combination of good content and strong links will do the best over the long run to get you good sustainable rankings, respectable traffic clicking through from those SE listings, and solid conversions once your visitors arrive. And that has to be A Good Thing."
I couldn't agree more, in the context in which you speak... however, Brian's point too is well taken...
With 'Internet Marketing' being comprised of so many different, seemingly related and unrelated components, it only makes sense that the most effective approach is the combination of those components that works best for your particular website, product, target market and over all objective.
Sometimes good content and optimization, an agressive link building campaign and then a trip to the beach for a margarita is appropriate... while you wait for your natural traffic to show up with cold hard cash.
Other times you may go with a hot bar run to tide you over, add content and finish your optimization and linking campaign in the mean time, and then enjoy the trip to the beach after the natural traffic begins to flow.
And then there is multi-media branding, ppc, paid inclusion, impressions, banners, google adds, email campaigns, opt in, spam, ham, wiki's, blog's, pogs and sky writting... and i still left out a whack of available options.
Point being, is to be clear on your objective right from the get go, and have a strategic plan that includes the Internet Marketing components that will best achieve your objectives.
Good posts e'yall... Swan