This is a good video by Matt Cutts of Google. The webmaster channel is worth keeping tabs on over on YouTube. Keep in mind that Google won’t give away any secrets and will pretty much always say content is king. But buried in the videos are little nuggets of information into the world of the Google algorithm.
The nugget of this video is a reminder that content is king also means reaching out and sharing in communities. Find a forum where you have some expertise and share your expertise. Don’t try to throw backlinks in every signature, instead provide real advice and value and people will find you. Give out links more sparingly and be surprised how much more strength you will get then link spamming.
At ITP we do believe relevant and quality back-links are important to your sites ranking but there are so many more wrong ways to do link building. Share your link building struggles and successes.