Yes, content is vital, good content will make or break your site and also your rankings!
I'll first of all work on my keyword density. Everything is done according to keywords only.
Search engine crawls using keywords and prefer higher density web pages.
Search engines have changed a great deal in the last 5 years so much so that keywords are not treated the same as they use to be. There maybe many search engines that work well with keywords but you need to please the top 3 or 4 search engines taste. I think content is playing a much bigger factor than meta data. Good meta data is complementary to the search result so the viewer can see just the right information to get them to click your link but its the page content and sitemap that gets you picked up in the first place. I don't have any hard facts on this but it is my opinion based on a lot of reading I have done on this topic. I look forward to hearing from other members.