How does Google define Relevancy? By looking at the anchor text? And some might think it's strictly about the content of the site. It would be ideal if all the links to your site are built in those sites with relevant content. But is that how Google tell what is relevant and what not???
Links using relevant anchor text could be considered relevant too.
From,
http://www.seomoz.org/learn-seo/anchor-text
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Link relevancy is determined by both the content of the source page and the content of the anchor text. It is a natural phenomenon that occurs when people link out to other content on the web.
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This human-powered information is essential to modern-day search engines. The search engines can use it to determine what the target page is about and thus which queries it should be relevant for. These descriptions are relatively unbiased and produced by real people. This metric, in combination with complicated natural language processing, makes up the lion’s share of link relevancy indicators online.
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With that said, I would think that if you want to rank high for the keyword, "adult porn movie", and many people around the world link your content, using the same anchor text (adult porn movie) on different sites, then Google would consider your content to be relevant to Adult Porn Movie, and therefore gives you a better ranking for this keyword.
And perhaps you can spread your links on sites ranging from PR1 to 9, relevant to irrelevant, using the same anchor text that you want to rank well on, which would/could make sense to Google because real world people talk about anything, anywhere and anytime they want.