Seth Godin is someone I greatly admire, so it was a bit troubling to see him take on the broad subject of How to Make Money with SEO in such a surface-level fashion. However, after a few emails, I feel pretty good that his intentions were solid, and that he's just presenting a viewpoint that many others have on the subject in an easy-to-parse fashion. While that's not necessarily bad, I'm notoroiously against surface-level analysis of our beloved profession, so I figured I'd try to expand on Seth's assessment and give the subject a bit more thorough (though hopefully not less usable) treatment.
Seth's list of business strategies that can be accomplished with SEO:
Get rankings on a very popular, highly competitive keyword that exposes new visitors to your website
Get rankings for your branded search terms that bring traffic using the engines as a primarily navigational device