goodroi - 11:19 pm on Dec 21, 2012 (gmt 0)

Using that logic, is content creation also dead because the risk of keyword stuffing out ways the benefit of good content?

Google's algorithm still relies on backlinks. If you disagree then try to get a website to rank without developing quality backlinks for it. What has changed is that you can't be lazy with your link development. Today you need to be much more creative and provide more value in order to gain quality backlinks.