SEO is always for the long run. PPC will take you there but If you don't have enough budget. PPC in 1 year will go deep into your pockets and If you don't do well in PPC campaigns you're money will just be wasted.
Is "to be found in search engines" the answer? Yes, but SEO is not all about being found in search engine. SEO is about building brands that can be considered as an authority on its niche. Brands that last in people's mind.
Is link building a waste of time and money? Yes and No. Yes - If you are building links that aren't meant for the long run then they will be just waste. No - if you know how to build links that lasts such as quality content, themed link building campaigns, guest posts and other efforts that raise brand awareness into further level.
_**Is it better to just concentrate on quality content? **_The word "just concentrate" made me pick NO as an answer. You need to explore every possibilities when you are doing SEO. Just don't break the rules.
I love the fact that many SEO do experiments and share their success stories everywhere.