Michael Grey has his PowerPoint Presentation from the SES Paid Links Panel available for everyone to see. The presentation is both funny and serious. I also think Google's power is something we all need to consider.
Do we need Google? Yes.
Does Google have too much power? Everyone is entitled to their opinion. I personally think they do.
If things continue as they are SEOs are going to have to work double time and jump through firey hoops just stay in the race. Check out Graywolf's Presentation. You will most likely laugh and cheer a bit. It was funny, but I still kind of got a bad feeling in my stomach.