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Free Porn = Huge traffic and it seems these days that traffic = power, power to get link trades , power to sell advertising etc. Its not all about conversion.
I personally don't think there are as many factors as we are led to believe either. I think it is more likely a case of randomly rotated simple algorithms and therefore the trick is to optimize for each of them which is almost the same as one complex one except that in some cases the factors may contradict.
I don't base this on any hard evidence but it would explain why rankings seem to come and go so much for some and not for others.
This is also how I would do it if I worked for google.
Anchor tags are obviously an important factor so cooperative link partners have to be the way to go.
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