probably, some of you have heard about it before but this is for the new guys (I am one of them) this is a very nice demonstration of the power of back links and and anchor texts http://www.snopes.com/politics/bush/google.asp it's no longer relevant, Google fixed it but still, it's a fun fact I thought that it would be nice to share it with you guys (if you haven't heard about it yet)
Craig Silverstein, Google's director for technology on Miserable Failure - "the company sees nothing wrong with the public using its search engine this way. No user is hurt, he said, because there is no clearly legitimate site for "miserable failure" being pushed aside." Does this mean if i am the first person to discover a new niche i can google bomb as much as i like and i wont get penalized? Could you imagine promoting you new niche "organic breast implants" and being allowed to spam googles index, you would be reported for spamming for sure, but since there is no site actually selling organic breast implants then by their owns words you would be allowed to continue.
I guess that the lesson you should learn from that story is how importent, the right anchor text can be think about how you can rank for many keywords without thinking about your on site optimazation as long as they are related to your site content..