This means that if two sites get the exact same SEO optimization and they both are on the same subject the site that has more content and more frequent updates will be shown above the more stagnant site in search results.
Further, Google is changing how it determines and weights keywords. Google now completely 100% IGNORES keywords in the META tags (you read that right). Instead of relying on meta-data, Google infers relevant keywords from the page’s copy. It also takes into account the rest of the surrounding copy, the other pages on your site, and which pages are viewed most.