that's a point well worth remembering. I just ran the 'money' term in my niche. I've got <5K links. My primary competitor has 40K links, low end stuff. There's another site that has 100K links, a manufacturer of the product in our industry.
Then there's another one of my competitors, has <400 links. I haven't looked at that one in a while - I know he has quality links he built years before I started my main site. I don't recall him having that few links though. Clearly I need to go back and review what he's doing!