There are things we should consider when trying to build links for our site or blog. Are you prefer lesser links but with Quality in it or you prefer lots of links but with no quality? What I mean by this is; Quality links is links that you get from sites and blogs that have relation with your current business. This links could have high PR, Lot's of backlinks, and lot's of page that is indexed by the holy trinity of search engines such as Google, Yahoo and Bing. And the quantity is links you get from almost anywhere and from any niche that has no relation with your current business, has no PR or less backlinks, etc. What do you prefer? Each one of them have their own value...
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Always go for quality whenever you can, although every link back to your site has some value. (ok forget crappy link exchanges) Try to avoid paying stupid money for one off links because you can always build up a good network of backlinks to your site for virtually no cost.
I think a bit of both. If you only go for quality then you will never get thse 100s and 1000s of backlinks to take you to the top. If you only go for quantity you will miss out on the quality links from authority sites which you need for the top 5 positions of majoy keywords. I do both anyway - take some time and effort to write good material for good article sites and good web2.0 sites, and other niche specific authority sites, but I also pay for some directory submissions, mass article submissions, blog spinning etc. Don't put all your eggs in one basket, try different approaches and new things all the time, and also this means that if one method loses value you are still safe from other work you put in
When it comes to back links to your website there really are just two basic kinds. The first kind is links of quality and the second kind is those that are not. Quality links come from Authority sites that are relevant to your websites content.
Of course quality will be the first being considered. 1PR10 backlink is much better than 10000 backlink from PR0 site