I said exactly that in a thread a few weeks ago, and certain people with vested interests in "link building" were quick on jump on me. Nice to see at least some people agree with me
Yes, building fake links do still work. The point is, though, if that's all or mostly what you're doing, you will get hit sooner or later. I do my share of link buying where it makes sense, but it's only a small percentage of my overall SEO efforts.