Yes, I emphasize code as a foundation, not the building itself. You also hit on a big difference I've noticed between Google and Yahoo. Yahoo does tend to place a much stronger emphasis on page structure.
Aside from
SEO, much of the coding and organizational structure is more about usability than
SEO. If usability is lacking (and it quite often is when I'm looking at doing
SEO), then
SEO just creates more traffic that will bail once they arrive.