The subject of this posting is the title of a Jakob Nielsen Alertbox article back in January. Please let me know if there's already been a discussion on WPW that I've missed.
Basically, Nielsen's argument is that pay-per-click advertising siphons off the profitablilty of webistes, and ultimately the search engines can be the only winners from companies bidding against each other for keywords.
He predicts that "liberation from search engines will be one of the biggest strategic issues for websites in the coming years."
It's a long article and this is only the briefest attempt to paraphrase it. The full article is www.useit.com/alertbox/search_engines.html