The process will never end but you have to update yourself day by day according to the changes of this industry.
I think it is going strong, but for the coming years may be SEM will take over , but SEO is still there....
The smart ones will continue to push forward with web marketing in general, but always keep up to date with the changes made daily in the seo world...bottom line don't pigeonhole yourself to just learning SEO. Pick up over tools such as social media marketing, learn about web side branding campaigns, and built out your resume for the future...which should look something that would run in parallel with a traditional media marketing department. The more tools you know the better prepared you will be and the more change you will be ready to adapt to.
GUYS COOL Down,,,,,,,,,,, What is really SEO? - in short its Optimization which will continue forever and ever. SEM+ SEO would be there long it has just began. Google Matt Cutts has already clarified that as long as SEO's follow White hat SEO would continue Its not only about Good content Its not only about submissions Its about optimizing each and every part that u present to users. When google started no body thought that it would dominate for years? Why Coz the reason they are committed to users for giving relevant results, they think about USERS So if SEO's really think how to optimize for USERS then it would automatically optimize in SEARCH ENGINES Becz the very basic fact is that SEARCH ENGINES are for USERS. In every field we need optimization so its the same in SEARCH INDUSTRY. And friends SEO is a vast industry its not just SEO there is more to it. Career in SEO is really great and it gives much exposure, competition, communication which no other medium offers as it about Research - research and research,,,,,,,,,,, Thanx