Content first. The most important thing for a web page is content, some sort of information, something (hopefully) new. Links to other web pages aren't really content (unless your collection of links is truly unique for some reason). Fancy graphics are not content, unless you made them yourself, in which case they are definitely your content and worth putting on the web.
Another way to state this is that when you start creating a home page, worry first about content, and last about font formats, cute graphics, and snazzy backgrounds. Content is far more valuable and interesting! Later you can go back and improve the visual appearance. (Which explains why some of my web pages are rather plain...)
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