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Try searching the WebmasterWorld library [webmasterworld.com].
You will find gems like:
The famous 26 Steps [webmasterworld.com]
Building the perfect page 1 [webmasterworld.com]
Building the perfect page 2 [webmasterworld.com]
Read WebmasterWorld daily.
Good Luck.
Yours is a question I'm hearing more and more latley.
Here's my 2 cents:
SEO, despite its somewhat shady reputation, is an important part of an overall Web marketing strategy, if done prudently.
Leading reps from Google, Yahoo! and MSN will all tell you, if you attend the conferences, that SEO is a good thing. That is, SEO defined as making a site clear, understandable, easy to use (and easy for the bots to crawl), etc.
What is high risk is trying to trick the SE's using questionable tactics (overuse of keywords, sneaky redirects, etc.).
There are a lot of potentially high ranking sites out there that are not ranking, or not ranking up to potential, because they don't understand the value of SEO.