In any medium there will be free rides as new adopters take advantage of knowledge not share by their competitors. While there is always a new technology which creates new markets, this quick read does a good job of explaining why off the page optimization is more effective than on the page optimization. Chris Ridings explains "The Glass Ceiling."
Update: above link to chriseo.com/modules.php?op=modload&name=News&file=article&sid=62&mode=thread&order=0&thold=0 delinked, as the site is owned by a domainer and is a page full of ppc ads
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