If you have to choose, having more data does indeed trump a better algorithm. However, what is better than just having more data on its own is also having an algorithm that annotates the data with new linkages and statistics which alter the underlying data asset. That way, the addition of each new algorithm radically improves the underlying data asset, just like the addition of a sensory input improves the way we experience the world around us.
http://allthingsd.com/20120907/more-data-beats-better-algorithms-or-does-it/
