Yes, SEO is No Longer Just About Search Engines but much more now.
The social graph linked with quality search results to inform the searcher about what people are saying about it is the next extention to make the search results more qualitative.
If we compare this to the real time decisions we take, logically we also want to know more about the owner of the company or the company culture before finalizing any deal with a company.
But SEO will very much be there but with a more wide connotation. As SEO has only evloved further and the SEO services shall always be in demand as long as there are search engines.
The like buttons of the social media merely state the preferances of the people who are connected with eachother and the preferances, likes and dislikes vary from person to person hence that cannot be the metrics to judge or influence the rankings. That can just depict the popularity of the product and inform you about the latest buzz.
Search is not getting replaced by the social media but rather getting supplemented by it and shall become more qualitative, once the search engines have their algorithms for integrating social media in their results up and running.