Link building is important for getting high rankings, we all know that by now… This is what the Bing engineers say:
“Link building is a very important form of self-promotion on the Web. You contact webmasters of other, related websites and let them know your site exists. If the value that you have worked so hard to instill in your site is evident to them, they will assist their own customers by linking back to your site. That, my friend, is the essence of link building.”
They also remind link building is an ongoing process:
“Think of link building as your chance to build your reputation on the Web. As your website is likely one of your business’ most valuable assets, consider link building to be a primary business-building exercise. Just don’t make the mistake of believing it will result in instant gratification. Successful link building efforts require a long-term commitment, not an overnight or turnkey solution. You need to continually invest in link building efforts with creativity and time. Good things come to those who wait (and work smartly!).”
How to get good inbound links:
- Develop your website as a brand and brand it consistently. People like to link to high quality websites.
- Find relevant bloggers, industry websites and product reviewers and make them aware of your website.
- Publish concise and informative press releases online.
- Publish expert articles in article directories.
- Participate in relevant conversations on blogs and forums and add a link to your website when applicable.
- Use social networks to connect to industry influencers. Your profiles should contain links to your website.
- Use email newsletters to notify people about new content on your website.
- Launch a blog or a forum on your website.
- Participate in relevant industry associations and their online forums.
- Strive to become a trusted expert voice for your industry while promoting your website.
It takes a lot of work to do all these points properly, but worth it in the end. I have to admit I am lacking some of these points to.. but will try to keep up 
Good points, all of this takes so much time though. Seems that it gets harder and harder these days too.
I agree with you on that, it is getting harder to get the top rankings! These points are very time consuming if you want to do it right!
it some time hurts to link building