A loud NO.
As a matter of fact, SEO is now more important than ever, as the number of the similar sites has increased on the Web, thus competition becomes more and more aggressive. SEO has just moved to a higher level. It flows with the tide if you want, but the tide might lead to a tsunami.
Now that we’ve got that clear, we go to the second, related question: are SE strategies obsolete? It depends who you employ! Some SEOs still try to sell you SE submissions or inclusions into Google in 24 hours guaranteed. Guess what? Even a kindergarten kid could give you the same warranties and the beauty of it is that you don’t have to spend a fortune on the inclusion. Maybe just an ice cream and a “thank you.”
Now let’s move to the hottest question of the moment: what happens with my linking strategies? The question is normal in an SEO world dominated by linking spam and Google requests to report paid links. My answer is: slow down. Stop using linking strategies to manipulate Google PR (PageRanks) and start using them to generate leads instead. Programs like AdBrite have a clear code that informs Google above the purpose of the links (advertising).
Now for the universal valid answer: do not spam. Please! Become the resource, do some common sense advertising. Be aggressive if you must: use social bookmarking sites to announce your incredible, extremely important, story, use press release distribution, but don’t deceive. That’s my SMO advice of the day.