The short answer to Valleywag’s question appears to be a qualified yes.
Link here.
To keep everyone happy, they appear to suggest that SEO is not the be all and end all for PR 2.0.
"A good PR firm does a lot more than send "story idea for WIRED" emails to freelancers. A publicist can help you hone your message and train you to keep your foot out of your mouth. And despite the growing power of the Long Tail, a single mention in BusinessWeek or Forbes tops a hundred blog posts in Google results Those articles rarely happen without a flack in the mix. If you can afford it, hire a publicist with proven business press clips on file (you want InfoWorld, not San Jose Metro) to get you started and pitch your launch."