Forum Moderators: open
The other sites in my niche have been around longer and have inbound links but are not particularly well optimised.
I've cracked top 10 spots on very generic terms easily with no IBL whatsoever and generated a few thousand visitors the first month. I couldn't break into "widgets" but people did search for "straw widgets" and "blue felt widgets" which I cracked easily.
The real question is how good is the competition's SEO for the keywords on the pages in the top 10?
If their SEO stinks, you have a good shot and IBL will clench the deal.