Phil (and Martino)
Welcome to the best place to learn and discover, the SEOmoz Community.
When I saw your question my first thought was SE Ranking factors 2013 or 2012 and went to find it to give a link and, there is 2011. So, I will quote Dr. Pete in speaking to one for 2013: Every time we do it, though, it gets a bit harder and more complicated. It is getting tougher by the minute to be sure what works, etc.
So, I will provide an opinion that does come from experience, but not one that is fool proof. First and foremost, build your site for your customer/visitor, etc. After insuring you have solid on page SEO throughout, stop for a moment and be clear that Google is not your customer. Understand that spending 8 hours a day trying to mine links might be better spent with writing exceptional content, acquiring exceptional images, and insuring a visitor to the site gets a quick answer to their query. One of the biggest flaws I see in SEO is tunnel vision: Becoming too focused on one or two parameters of the algorithm and losing sight of the reason you built the site. I have seen extensive discussions on how to get this or that link, to use or not use a hyphen, the value of exact match domains, on and on ad nauseum. At the end of the day, if you have good content and if you have an accessible site with reasonable UI/UX features, you can beat a lot of your competitors in the rankings. NOTE: If you do, please remember to answer the query in your meta description and then again on the page they will land on. (Yes, I have a bit of tunnel vision on this). One last thing on content is that if you really put good content up, they will come to the site. Please keep after it.
I tell clients nearly daily: Our job is not to make you rank first on Google, that is the job of the Indian SEO firm with the gmail email account... Just kidding: **Our job is not to make you rank first on Google; our job is to keep you ranked ahead of your competitors. **
I recently was in a very long discussion with a potential client we would really like to have. He has definitely drank the kool aid because he is obsessed with #1 ranking on the most competitive terms in his vertical. Yes, I understand from a business perspective why he is saying that and, frankly, as a business person I respect him a lot. The problem is that I must be very careful to provide enough other metrics that he can see what actually works.
Stay on moz and keep asking and reading. Answer where you can and understand everybody that has answered more than 3 or 4 questions has gotten something wrong. Because of the type of people here, you won't see people being burned at the stake for a wrong answer.
Best to each of you,
Robert