How relevant are back links ?

For those of us who have been following Googles pronouncements on how their algorithm is changing, we have been sucked into the notion that Google is phasing out back links as an indicator of relevance. Google has adopted this vision as a result of the numerous people who have tried to influence their website rankings by employing people to create low-quality back links. There is no count in my mind that Google will eventually phase out back links as means to determine a websites relevance. However for now, Matt Cutts has pronounced on this issue. Check it out for yourself.