"Content" is not king. It should be, but it's not. What is "king", is having a big name and or high PR website, that's a site to which other site owners will have a need to link. I can show you hundreds, even thousands of results in the G SERP's where their "content" sucks, it's hideous, yet they show up 1st or on the 1st page just because of their "name" or high PR; where the sites with the real relevant content are much deeper back in the index.
I do not disagree that video, audio, news, blogs, etc., are growing and moving forward. What I'm saying is that not ALL websites can benefit from that, and it is these types sites that are (AGAIN) going to be harmed by G.