"I can rank a low comp long tail with and EMD and shit content."
And to what gain if people bounce off that shit content?
I've seen so many sites that have worked hard to rank, only to deliver the worst sort of badly written, poorly targeted nonsense onsite, that I think people focus on links and rankings too much. Focus on converting the traffic you have first.
Yes content is king, irregardless of the algo per-say being able to figure out whether content is good or not, HUMANS can figure out if the content is good and if it is good they'll interact with your website, and if they start interacting with your website watch your rankings rise and your income too.
This i totally agree too, why do you want bad content when you'r ranked #1 - 3 people will click and go away again as soon as they see your shitty content, so you waste the traffic you get.
It is absolutely king... because good content leads to good backlinks... Plus, google is focusing on quality content more and more, and the ability to skirt around that is going to get more and more difficult.