To be ranked well in the search engines, it is really a combination of just these two factors?

[Thomas]

Of course!!These two factors are very important to rank your website high.But now a days there are many penalty from Google come when for the sake of high ranking,people use spun content and spam material.So please ass this to if you want to rank high so your content should be unique and admirable.You should have the good quality of back links which should be informative and relevant to its topic.
it is not needed but just go thru it once
http://en.wikipedia.org/wiki/Google_Penguin
Thankyou