I agree with charliesaidthat in that Realtime is becoming much more important, just do a popular daily search on Google and you should see content from Twitter that is just minutes old!
News items are now been picked up quicker too.
That said, Google is looking more at the content. The new Google search (codename “Caffeine”), has been tested, prodded and poked by many (including me), and I'm pleased to say (as a Copywriter) that there is much more emphasis on the words and phrases used on the page. Google also now prefers quicker loading pages which can mean using a lot less words on a page!
The new Google will seem to prefer clearer writing, not as flowerly, typo's and grammar errors could effect results, and it's more sensitive to the use of keywords and key phrases (the old Google still allowed some level of spamming, the new Google doesn't!).
As ever, my first suggestion is ALWAYS to write for your visitors, NEVER write webpages to try to capture search engine rankings alone, but don't forget those keywords, they are important.