Links, PageRank, and the chase for the top spot on SERP's are so ingrained in the SEO industry--I think some people are actually addicted to their own PageRanks. The reality is that over the next few years the importance of building links will become so insignificant, it will stop being a major tool in an SEO professional's toolkit.
Search engines are becoming smarter and their ability to determine the relevance of content to a searcher's needs is improving every day. Relying on aspects like overall site popularity is becoming less of a necessity.
The actual dynamic of a search engine is evolving too. For example, with Google searchers are able to personally influence their own search engine results for future searches, geographical searching is becoming more precise, and behavior-based and intent-based searching is on the horizon. While the doomsayers claim this will be the end of SEO as we know it, I see it as a bright future, where there will be more to SEO than just links and keywords. Where quality content will reign supreme over black hat SEO, and the people producing the highest value will reap the search engine rewards.
Rest assured, though, that the benefits of a good link-building strategy are still healthy. As long as you take interest in SEO industry news, you can adjust your strategies when and if there is a necessity to do so.
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