I have previously posted this topic as answer to a topic. However, I would like to know further and get some views about this from the forum.
Many SEO people talk about Relevant In-bound Link (IBL) that are linking to your site. Most of the SEO knowledge for IBL is based on assumptions. Therefore, as a SEOer I also have some assumptions about Relevant IBL.
When you search for some keywords, Google & other Search Engines show you total number of pages available for that specific keyword (Which I would like to call Total Relevant Pages - TRP). When assessing the SERP Rank, I don't think Google Algorithm counts all your IBL pages in the depository that are linking to your site. It counts only the TRP for the specific keyword. That's why it is relevant. Based on this assumption, I have seen quite a handsome results.
Therefore, if your IBL is placed in such a way that it will not be a TRP (in any SERP Rank e.g. from 1 to 10,000+), then I think it would be a waste of time. Because, that IBL will not contribute to your site for pushing you forward in the SERP Listing.
If you have any different view or supporting information, then I would be highly obliged.