Regardless of what the Google algorithm says, content is always far more important than backlinks. Why? Because backlinks may help a bit with ranking and can drive traffic to your site, but if you have a 95% bounce rate, no repeat visitors and an average of five seconds on the site, it's utterly useless. Backlinks are one mechanism to get people to your content, but it is the function of the content to keep them there. You have to have high-quality content that actually offers a visitor some value if you want someone to read, respond, click on ads, and possibly buy things. You want something that people will read from start to finish, and you want something that they will feel compelled to share with their friends.