For quite a time, we have been buzzing Content is the king! Content is the king! While this is not incorrect, it has been undercut by Matt McGee's awesomely fabulous chart, SEO Success Pyramid.
From this chart we can see the content is positioned by Matt in the very heart of his pyramid. It is still very important, staying at tier three and in the middle. However, there are another three elements that overpower it: Social/Local Findability, Reputation Management and Trust. Here's Matt's explanations:
Social/Local Findability is to engage with your customers on local and social sites.
Reputation Management, what others say about you matters. A lot.
Trust, from users and search engines is imperative for long term success.
Shocked? Do you agree?
I myself find Matt's theory very enlightening and useful, either for SEOers or SEMers. He call his theory SEO Success but I do believe that it is much more than SEO.