http://www.seobook.com/archives/000183.shtml
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Some people believe that linking alone is all you need.
John Scott (of Internet Marketing Research) & Phil Craven (of Web Workshop) are some of the major proponents behind this line of thinking.
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Um, yeah, for search engine rankings, all you need is inbound links with the right anchor text. Old news.
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The problem with this idea is that buying links does not ad value. If one were exclusively focused on buying links then their site would not be operating as efficiently as it could be.
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Buying links serves one purpose - search engine rankings. Nobody ever said not to create powerful marketing copy that converts. That's a no-brainer.
Also, a link to a very well-thought out article by Chris Ridings:
http://www.searchguild.com/tpage7545-0.html
I like Chris. He's cool.