Str82u - 11:50 pm on Dec 21, 2012 (gmt 0)
I think @goodroi is right on that point. Link building isn't dead but quality matters as always. Imagine two competing sites for widgets and site #1 gets 600+ links from anywhere EXCEPT sites about widgets while site #2 has less than 150 from sites about widget accessories (we are seling widgets, not accessories; they sell accessories but not the widgets). If site #1 and #2 are equal in all other ways then it's more likely #2 is gonna outrank #1.
There are a lot of little factors that go into that, a few being the link target pages, number of pages in the site and terms used in the links. The description above is a real example and it works well for the work at home webmaster competing with official and corporate sites; 10 years ago I thought it was cute to add a line to the bottom of a site "Powered by Widget coffee" and linking to the official Widget brand coffee homepage - OUR site wasn't about widgets and today that link would probably be fairly worthless to the coffee company site. As your site gains popularity it will be important to get the quality links to counteract webmasters of unrelated sites linking to yours because they like "you".
One last thing, do your link building as evenly as possible: don't send out 500 link requests at the beginning of one month then not do it again for a couple months, be consistant.