In recent times Google has started discussing openly the lack of importance of Pagerank, which has been the main driving factor behind ranking in Google since its inception around 2001. They are also openly talking about the diminishing role links are playing in the algorithm.
Granted, I am not sure that is entirely the case (partially true?), but there is something in there between the lines that is worth diving into. A lot of times you can read between the lines with what Google announces to the general public and figure out what they might actually act on.