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If you know what you're doing - what you say and where on the page you say it mean the difference between page one and page nowhere. It's worth pointing out that content isn't the only component to SEO. The cliche is 'Content is King', but that's not strictly true. You also need respect from Google, which is generally obtained via the link juice that flows to you from external sites.
Quality is more important than quantity if you're looking for long-term traffic. Sure, you'll get a SERP boost if you add a bunch of backlinks through garbage articles, but it will be short-lived.
yea... as stated above quality is very important for your website. take it from a person that knows lol. cheers, evil