I guess I must be part of the New SEO school of thought (and my own personal website is "now-seo" which goes with "new seo") according to SearchEngineLand and Todd Malicoat. Here's the main points of the "New Seo":
1) The classic vertical search optimization of utilizing the Google OneBox results, Yahoo Shortcuts, Ask.com's Smart Answers and so on. So if you are a local business, Google may show Google Local results at the top of Google.com for a localized search. Optimize for those queries and you can have a number one spot for a competitive Google search term.
(2) Leverage the social communities… More on that in our social media optimization category.
(3) Video/Image/Audio optimization. Use YouTube as a channel to leverage traffic to your site. Optimize your Flickr photos and link back to the content you used it on. Leverage your podcasts to send your site's more traffic.
(4) Be sociable and participate in your industry through online communities or in person events.
(5) Classic reputation management (or the reverse) can be nice method for targeted traffic.
(6) Driving traffic from offline sources…
(7) New ideas and executing on them can send traffic to your site.
I've worked on all of these ideas - my issue is that most clients don't realize there is a "New Seo" and want the old kind of SEO, the kind that does not work too well anymore (if it ever did).