I am also agreed with u. Both factors are important. when we start
seo of new registered web site then on page optimization and web site analysis is important.
After completion of on page
SEO we start working of Off Page
SEO which means Links building. According to my point of view we consider the site relevancy and current position (
PR) of the sites.
Because inbound links from relevant sites with good page rank are so helpful.
Safdar Ali