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mekk, I've done it all. I've had success with SEO.
I've created the strategy, directed the copywriters, run site audits, changed the code, changed the content, implemented keywords, performed link building, worked in social, did local and national tracking, bought the SSL.
Every major phase and every tiny detail, there isn't anything with SEO that I haven't done and touched. So this is coming from someone who is incredibly experienced in SEO.
And it can get results.
But I still feel like it's a waste of time when it comes to answering the question "Where should we put our marketing dollars?"