They matter less than 10 years ago but they do matter, especially if you're in a smaller city.
However, today Google is a heck of a lot better in seeing spammy links.
My prediction is that links will matter for a very long time (10+ years) but they will just matter less and less as time goes on and Google looks at more factors and their search engine algorithms improve.
Added by Carl Maeda at 11:21pm on October 24, 2014
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