Sebastian reviews 2004 predicts a year of instability in the SEM industry :O(
(via Aaron Wall (of SEO Book.com) http://www.seobook.com/archives/000607.shtml)
Haven’t we heard this before though? Just like any internet firm there will be ups and downs, consolidation, new firms and firms dropping out.
I personally wouldn’t want to do just SEO, in fact I do not actually do SEO really, but I do advise people on how they might do things to make their sites more search friendly. I try to avoid actually altering HTML etc and prefer to be more of a coach or consultant.
On the PPC side, I think as the features and functionality increases you may see more people outsourcing this work?
Aaron mentions people getting a share of the profits made. Other than affiliate schemes I would like to know how SEOs manage this, so far the clients I have met would have difficulty attributing sales to SEO.
May you live in interesting times 
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