Consistent on- topic content should be priority number one!
In our view 1) consistent on- topic content, 2) sound blog technology developed to generate more search engine index penetration and the 3) development of relevant links should all be considered important to the development of a visible presence in the search engines; however, good content should be priority number one! In fact good content, which is often referred to as link- bait, will often attract (no. 3) linking naturally.
Beware: linking is dangerous sport these days, requiring knowledge of what is & what is not a quality link… and a healthy recognition for the risk of creating a bad link. Linking requires time, effort and, if solely pursued for the purpose of SEO, it should be approached with an understanding of a Search Engines interest in ranking content for its’ actual consumer value. In fact, Search Engines don’t like cheating or gaming- see this Matt Cutts interview discussing Google’s recognition of common linking tactics they don’t necesarily see as useful to consumers.
Additionally, this piece in Search Engine Watch on the value of links is very informative: What’s a link worth? "The answer often seems riddled with secrets that aren’t secret and lies that are. Don’t listen to the false promises of secrets. Don’t get taken in by the lies. "
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