I disagree. I think it will just be that the definition of SEO will change.
It will include (well, it already does)
1. helping your clients bait links to develop "natural" links (whatever they are),
2. reviewing content not only for keyword placement, density and semantics, but also stickiness i.e. how well a site responds to a search query,
3. helping your clients get the balance right between monetising your site traffic immediately and developing a longer term relationship with the user,
4. Writing titles and manipulating the Google snippit so that you not only get higher rankings but also a higher CTR (which in turn will get you higher rankings)
I could go on, but I think that makes my point. For some time, good SEO has not been simply a question of tagging, link building and doing metrics on page content. Increasingly it incorporates more creative and subjective elements. SEO's are becoming real professionals.
Doing it properly means having a certain security that, whatever algo changes are afoot, your clients are going to come off better.