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Bottom line: you can buy all the links you want, you can follow every single step Harmon laid out, you can spend ALL your time on SEO....but guess what? One Google Update and all your work is gone POOF. Also, you may do all of the above and still the best you may do is PR4. LOL
People waste their time competing via SEO when giant companies with giant resources have already beaten you (and everybody else) to the punch. So since there's no real way to compete I say fuck it. Spend your time building new sites and forget about endlessly tweaking existing sites 'cause it's a waste of time (and money).
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