"But more importantly, well placed backlinks will also get you plenty of free traffic, more subscribers to your blog and generally more exposure."
I go with this principle also on a marketing view point - more backlinks, more exposure and more chances this exposure gets you traffic. So long as you avoid bad neighborhoods IMO
For SEO purposes, link building is really essential and really a time consuming process especially when you opt for manual link building and submissions. That is why I always advice to focus on having great, useful and relevant content as this will make your link building efforts easier in the long run. Site's will naturally link to you as long as you have authority content.
