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Seems to me the keyword is devalue, not total elimination of all value, I admit I am no SE guru, but I do know that if I changed everything whenever google made an update to their method of madness, or tried to follow every little SE trick I would drive myself crazy, and would end up getting little or no work done other than trying to keep up. I believe that in the long run if you are not intentionally spamming and continue to make good sites with real content you are gonna get your fair share. I think that any adult webmaster should not count on SE's for their traffic because tomorrow it could be all gone if google decides to change the smallest thing. The basics still remain the same, make good sites worth visiting, and trade links with other sites that are similar to your own site.
Of course I could be terribly wrong and the spammers win in the end, but I am betting that cream will make its way to the top.
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