My belief is that for a social blogger, yes content is king. Good content makes you famous as a social blogger and will get you many subscribers and you can make a lot of friends online. And as people start linking to your site, you start ranking well in the search engines. But if you want to make money online by ranking well, then it is completely different ball game. But my strong belief was that even to rank well for reasonably competitive keyword, you need to have good content along with good links. I have my own reasons for this belief. One of them is I believed google as a primary search engine would see that the searchers get to good websites with authority for the particular keyword and not some spam site. How google is going to do this... I rearally don't know. I also believed it is true as one of my social sites lost its page rank (PR3) completely once I started targeting money making keywords. I believed my flow in writing decreased as I stopped writing what I am interested in and started writing about something with a sole purpose of targeting the keywords.
In one of the posts on credit cards, grizzly of make money online described the importance of links over content. But still he could not convince me because I thought though the content is not there, the site which is ranking for credit cards has athority for the keyword as a relavent business site and is ranking well. I somehow always believed you cannot dupe google without content and it is equally important as links.
I used the word belief so many times because I am not an expert in SEO, real or otherwise. But shockingly if you type "is barack obama muslim" you will be taken to a website highly ranking which until recently had one word.... "NO" (with 2-line meta description). This site has a lot of back links. What is more shockingly for me is this site with only one word has a PR of 5. Is content king????.