Hi guys,
Thanks for the answers. The reason I asked is because a competing website's link building strategy is completely focused on press releases. While they haven't usurped the #1 or #2 SERPs, they have managed to place themselves solidly as #3 in a short amount of time.
Sometimes what we're hearing from the Search Engines and what actually happens doesn't always line up. I started this discussion to hear what people think and to find thoughtful new ideas to why this may be happening. Appreciate the feedback!