Who is the Boss??

Links and contents are the two very important parts of a site. But when it comes to increasing the Page ranking of a site, then who is the BOSS??. Who is going to take the lead??

I think it's all about links. As long as you have good backlinks you will have high pagerank. The content is only for indexing in search engines and without content you can't get visitors. Am I right?

You are absolutely right. But as you said with out content we don’t get visitors and with out visitors you won’t get backlinks so doesn’t it mean that content is king there? With the good content you will get lots of visitors at the same time you will get lot of backlinks and then automatically your page rank will get high.

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Well, it depends on what you want.If you want visitors then the content is a good solution.But if want a great PR some good backlinks are what you want.
So to have both of them....you need content and some good backlinks.
For example 3 PR 5 backlinks will give your site at least a PR3 or PR4.

Links are everywhere. Very easy to manipulate with. Content is however needs quality. I will have to say content. If you get good content, you will have lots of returning visitors.
Visitor goes for quality content not links.

In my opinion, content is very important in blogging to attract more people to your site. Your blog should be informative so that your visitors will keep on coming back to your site because they can learn something from your blog and therefore they will want to put their links in your site. Content is not merely for indexing alone. It is for the end user of your blog which are the clients and the visitors.