Both content and backlinks should come together equally important... With the exception of course with wallpaper sites that rely heavily on backlinks.
Like this guy: http://www.digitalblasphemy.com/ (And look, his content just got him a backlink! xD)
A good quality content would build links for itself, people may discus your site and start placing your link on their blog entries also other people will surely refer you to another.
do you know how to build links on .edu & .gov sites? one biggest requirements before these sites will put you in their libraries is your content..
So overall, content for me weighs more heavier than backlinks..
Business sites can have more of a problem in getting backlinks. Do you really need every widget site having artciles on the history of widgets? Business sites usually need to do some link building. It's usually hard for a business site to get listed on the .gov and .edu sites as well.
contents still. contents can be search in google so site will still receive visitors from search engines
i like pictures and a little text in my contents.
The content needs to be juiced or you won't get the traffic volume.