I think the best combination is both the domain name, anchor text, and the content on the page.
Case in point:
www.realhomemadesexmovies.com - the domain name has my key phrase - I also us use the key phrase in the anchor text on incoming links and a few outgoing links and I use the key phrase in the text as often as I can without making it sound stupid. The blog is doing real well - both in traffic and in conversions.
Sure, I've been able to get decent traffic with crappy domain names but never with crappy content.
Case in point:
www.glassmannequinproductions.com - very little of my se traffic comes from words in the domain name but I do get decent se traffic on a few key phrases that I've targeted in the text.
Just my 2 cents........