A good combination of both! but i prefer to say Quality content! because content says it all! (according to google)
I will have to say links, they are extremely important. But with no content, you wont get any valid links. With no links, it wont matter how much content you have, it wont hold any positions in the SE's and thats what you need.
Both... suck huh Why bother with quality links unless you have quality content. AGAIN you will get no traffic without links so even if you have crap content or duplicate content you should get some links if you want any traffic whatsoever. good luck Bill
If you regularly add new content to your site (blog) and add more backlinks. Your site will be higher page rank.
Where is a great place to find quality back links? Not the traditional directories, article submission, or blogs.
If you have really good content you can get related websites to link to you without having to pay them or exchange links. Social bookmarking is a good way to get it out there. Email other webmasters, make contacts, etc...
Some time ago I came across this example: "SEO is like a building a brick wall. A high wall = Page Rank. Bricks = links. mortar mix = Content and Keywords. If you don't get the correct combination the wall will became unsable." I think it makes sense. I suppose Google adsence would be graffiti.
Everyone seems to be doing linkbuilding and not writing a lot of content, I know because I have had tons of requests for my article writing service and people said they are lazy.
Both are required. But i too prefer quality content, if you need to get in SERP, usually unique and quality content helps, there are many website which are not having more back links still they Got the top position in Major se.