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

[Maple Leaf]

Those two factors:

1. SOCIAL MEDIA - It might be in the form of a blog, forum, article, press release, video,
vblog, webinar, chat room.

2. The quality and quantity of BACKLINKS

[Grace]

Quality of code is a huge aspect. I think google just changed their algorithm on back-links though I'm not sure what it is.

[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

[Greg And Fiona]

You need to look at ranking from Googles point of view.

They want to provide a good experience for their customers - the people searching on Google.
That means the number one thing they're looking for is good content.
Good quality content will get ranked naturally, as if it's good and people read it they will share it on social media etc.
Backlinks these days are only relevant if they have high PageRank and relate to your niche. Throwing thousands of backlinks at a website is just going to throw up a red flag in Googles eyes.

[Jake]

Google says there are more than 100 factors taken into consideration, while backlinks remain one of the biggest factors, the quality content and originality of the site's own content has to be a top actor.

Here's one report on many ranking actors:
http://moz.com/search-ranking-factors

[Arihant Jain]

Exactly.. You must update your web sites in the regular interval of time and create good quality back links. If you have any web site and need a seo or wants to create backlink with high PR sites and live url report.. then i will be there. You can contact me on er.arihant13@yahoo.in

[Mike]

"The quality and quantity of BACKLINKS"
yahoo - still works
google - NO, it's the quantity of quality BACKLINKS

[Marsha]

Yes Maple Leaf that's correct. And as mentioned by Grace below, Google recently changed its algorithm to "hummingbird". To rank well in the search engines, you can at least use services to help you out, like PIXXFLY. I personally have used their services and the result was pleasing. Doing it all by yourself is not an easy task.