I think PPC remains viable for some people, although it's changed, and the same for SEO. Ultimately, SOMEONE will be #1 in the paid and natural listings, and affiliates have a stronger financial incentive than most to be there. There's other ways and means, email lists, forums, social media stuff, but for the moment PPC provides the most reliable instant hit of traffic, and I believe that SEO provides the best lifetime ROI (consider that SEO is often a primary driver for email lists, forum membership, etc).
Perhaps things will change one day, but I think SEO and PPC will remain the primary traffic sources for most affiliates for the forseeable future
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