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Certainly there are content-rich sites with no meta tags with high ranking, but all things being equal, an accurate unique title tag for each page can help.
I have seen sites whose rank increase with the addition of unique title and description meta tags the only change.
The title tag is an extremely important optimizing element. While it's often grouped with the meta tags, I believe it's technically not a meta tag. Those who dismiss meta tags are talking mainly about the meta keywords tag, and to a lesser extent about the meta description. Again, the title is important.
The meta keywords tag was declared dead long ago, but it persists in the folklore and in occasional statements by the engines. It's too late at night to go into the history of this tag. Let's say, though, that if the engines look at something like 100 factors in ranking a page, the meta keywords tag is probably somewhere around 110th in importance.
...so how do you place key words then. is it just the content of the page they are looking at?
To greatly oversimplify... all of the algos reward content that is visible and prominent, in the content of the page, in the page title, and in inbound link anchors. Make it too prominent and you might be too obviously manipulating. Agonize and depend on stuff like meta keywords tags and alt tags and you're wasting your time.
See this discussion, and read from roughly WebGuerrilla's post, msg#49, through the bottom of this page...
Make intelligent use of META tags - Part 1
[webmasterworld.com...]