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I think it really comes down to how much traffic your link is potentially being viewed by and of course, how relevant the link is to text on the page being viewed.
I would say that 99% of the time a back link is just for a search engine because honestly, do you really care how many links a site has pointing to it? I bet you would still read the site even if you knew it had no links.
Not to say that links don't help though, the more links you have out there, the more chances you have of somebody seeing it and clicking through to your site. I guess I would sit in the middle as well in that back links are over-rated to a point, but that they can be a great way to drive traffic.
I've seen some bloggers with PR0 made over $100 and few bloggers with PR2 and 3 still stuck around $30 a month.
It is definitely overrated.
Ryan
Maine
http://www.thepoweroffreedom.ws/spiderweb
The biggest boost to my traffic started on July 14th when I started targeting the long tail keywords. I still go after the holy grail and main keyword, but it's a long building process because the competition is extremely tough. My traffic doubled and will continue to grow as I mine the long tail.
I'm also convinced that more than a few quality backlinks to a specific page are a complete waste of time. I would gestimate between 5 and 10 will do the trick, I generally go with 5 targeted backlinks and let evolution as well as the good feed scrapers take care of the rest.
The goal is really to rank on the first page of every search engine for multiple long tail keywords. I think it pays off better in the long run.
<abbr>Check out RT Cunningham | Philippines's last blog post..One Bad Scraper Foiled - Success with Google</abbr>
Such as...the traffic I get from the backlinks on this site. They aren't very keyword targeted, just my name, or alias. But these links bring people to my site, no matter if they are follow or nofollow links, the people that click on them art targeted readers of your site.
On the other hand, I get articles ranked pretty quickly in the search engines lately, and they are more longtail based. I actually don't really target for any major keywords, mostly longtail phrases.
So, I think both are useful and compliment each other by serving different purposes.
<abbr>Check out JK Swopes's last blog post..Normal Joe blows the horn on more bloggers</abbr>
It is definitely overrated, as you need not just traffic, but it must be targeted traffic.
<abbr>Check out Owen's last blog post..Linux Performance Boosting - Graphics</abbr>
<abbr>Check out wisdom's last blog post..Organized Wisodm</abbr>