Obviously the best mix is to use both to the best of your abilities, but where do you put most of your focus?
I've found in the past couple years that old fashioned SEO just doesn't carry as much weight. I still do keyword research and try to get links, but only if they are really powerful ones (like editorial links). The weaker ones just don't seem to make much difference in my experience.
Google's goal has always been to rank the best page for a given query, and they seem to have gotten MUCH better at doing so.
I'm having better results trying to write 3,000+ word in-depth guides with lots of graphics and embedded content. They still don't rank too well without a few links coming in, but I'm pushing ahead of much more powerful pages just by covering concepts in greater depth.
Wondering if this is just specific to the niches I blog in, or if everyone else has been taking the same approach.