Do you pronounce it as S-E-O, or like C-O (in a connected way, like you'd pronounce GUI, SCSI, WYSIWYG, etc.?)
I (and alot of people I know) pronouce it as SERPs (one word), not S-E-R-P. That sounds alittle long and unwieldy.
Hmmm... I don't think I've actually ever said SEO or SERPS, except in my mind. I only email it, post it, instant message it, but nobody in my real social life would know what those words meant no matter how I pronounced it!