Ian at SEW made an excellent post that is worth reading. In it, he gives examples of different strategies one might use, with the focus on content vs. links.
He explains the likely outcome of using a content-only strategy, a links-only strategy, and a content + links strategy, using a musical artist analogy. Each strategy is valid, but only one of them will reap the most benefit. (I'm sure you can figure out which one that is). However, be sure to read the post, because it is very well done.
My favorite line from the post: "If you market, they will come, if you have content, they will stay."