An ex-Googler, who worked in the web spam team with Matt Cutts, mentioned relevancy is the new page rank in his Interview.
The only issue with guest posting is “Relevancy” of the sites where the webmasters “Post/Submit” their article to a get a link back to their site. And Google is very good at spotting websites that build unnatural links. So, instead of going to check each link one by one, Google released a Penguin update to devalue manipulative links.
If your site or blog is on Marketing, then getting a link to your marketing site from a blog on marketing is much more effective than getting a link from sites about weight loss or fitness, that obviously looks very unnatural.
Focus on quality, and not on PageRank or quantity of links. This will help to increase your site rankings and maintain them in the long run as well.
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