Google has been the 800 pound gorilla in search for years. It would be easy to sit back and coast along without doing any major changes to how search is done. I am excited to see that Google is now launching new initiatives (like Google +), relaunching existing properties (like google.com) and quickly pushing out updates to how the index and present data (Panda 2.3). At Optimal iQ we are seeing an increased ability to rank well with video and images as well as an improved ability to control local search. Rumor has it that YouTube is undergoing a interface redesign similar to what Google proper underwent recently.
All of this exciting because it gives greater opportunity to perform well and stay ahead of competition for businesses who have a strategic plan that involves SEO. It will also continue to drive the improvement of the medium faster as Google pushes itself to improve and, in turn, pushed competitors to innovate more quickly.
I think that in one year from now there will be a lot of companies wondering how their competitors got so far ahead of them in search.