But human review can't possibly cut it on the web today. The scale of the web went far beyond that level in the mid nineties. Human review would be on the scale of a directory, and directories have major limits today, except for verticals.
So whether it's Google, Bing, whoever - I've accepted the fact that search results are going to be algorithmic.
Rather than think about "link building" I'd reframe the idea and think of building awareness for content, market engagement, that sort of thing. If your site's got the goods then that gets you links. But more important, it also gains you a lot more. Connections in the marketplace, influencer contact, brand champions, that kind of thing.
IMO that's "how you should link build now."