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It's not that links don't matter. They matter a lot and always will. That's how every search engine works - Yahoo/MSN and others all have some version of the "Page Rank" algorithm to identify and properly value links, calculate the cumulative value on each page being linked to etc.
Google is increasingly better at identifying spam links and devaluing low quality links. That is the thing that has changed most. Gone are the days when ONLY volume mattered, where you could keep a spider busy crawling a site forever because its dynamically generating pages/links forever.
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Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.
Rochard
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