Links or content - which is the most powerful search ranking factor?

With Google introducing more and more ranking signals that can diminish the ultimate impact of links, there is a growing perception that links are losing their MoJo as content marketing, in-depth articles, and a slew of different ranking factors may be taking precedence. However, a recent study that calculated correlation data, case studies and 'Googles' stated directive that links and content are the most important ranking factors found and that links do matter, but also that good con