As a lawyer and not a pure internet marketer, I probably don't qualify to comment. However, although I realize free money from organic results, I rely on several other avenues to attract clients - referrals (more free money), radio, and yellow pages. I spent several thousand dollars to find out the TV thing didn't work for my niche.
I will say that for certain keyphrases I don't dominate the serps like I used to but for others I still do. Internet traffic is very important, but I wouldn't go under if it disappeared.
ak_web, you come in to this thread with only 22 posts in seven years to insult me?