I think you need both, really. If your entire game is "I've got connections" then you've got no game. Your entire game can readily fall apart if people decide to stop backing you.

If you have knowledge/skills but no connections, you've still got no game.

I think you need some of both to really get anywhere.

So this kind of ends up being good advice for people who err in a particular direction and could stand to beef up the part they are missing.