I don't think it's dying, but do agree that it's evolving. One way it's changing is placing more emphasis on content. You need to have good content that ranks in Google in order to generate more search engine traffic. If you only have five pages, you're only going to generate so much traffic, but if you have 100 pages, you're going to generate more. High-quality content is what takes you from less to more and is becoming increasingly important for a complete SEO strategy.