A week or so ago, Danny Sullivan from Search Engine Land, Matt Cutts from Google and Duane Forrester from Bing held a very popular panel at SXSW named Dear Google & Bing: Help Me Rank Better.
The audio of the session is now live and ready for your listening.
Here is it:
I did not yet listen to it, so I cannot provide the transcript for you.
Update: Listening to it now, Matt Cutts in the upcoming weeks, Google will release something that will target overly "SEOed" tactics to "level the playing field." Wow. I have posted more details on this over here.
I am sure it is a fun listen. But keep in mind, Matt did this remotely via Skype I think.
Forum discussion at Google+.

Comments:
Alex Genadinik
03/16/2012 12:57 pm
Once again people lose their livelihood and hard work goes down the drain - thanks G. I am out. No more business strategies involving SEO for me. SEO has become the most expensive and unreliable way to get traffic.
Alex Genadinik
03/16/2012 12:59 pm
This sounds like people who got links from guest-posting might get hurt as that has been one of the biggest ways to get links over last few years.
Rebecca Morrow
03/16/2012 03:38 pm
I heard some great stuff. Basically, keep optimizing for your audience, create compelling content and think beyond just the signals for SEO. So, keep doing what I have been doing.
Samuel Samuel
03/16/2012 04:02 pm
is there anyway i can download the audio for my references ?
James
03/16/2012 11:57 pm
Exactly. That's what they repeated all the time. Focus on making users happy. Constantly keep focusing on the user and delivering the best possible experience they can get. That is what works the best.
ChesterfieldTutor
03/24/2012 11:47 am
If you're browsing with Firefox, install the DownloadHelper extension. I've just saved the MP3 of this audio, which weighs in at only 24.7MB.