QUOTE
Do you think that maybe more personalised results may add a new dimension to SEO rather than bring an end to it?
Yes, but not for the reasons most would think.
What will become more important are the exact things we've been preaching around here for years. The main one being that you need to understand who are target audience is and try to tailor everything towards these people.
To give you an example, let's say your site was one that provides information or resources to a user that would generally fall into a segment known as Teachers. If your site and link campaign were designed to cater to this market segment it would make sense that your site might get an additional boost up the SERPs when someone whose user profile fit the Teacher/Educator searched Google for your phrases. Whereas other sites in the same market space that were less focused would suffer.
There will still be #1 ranking sites and so on, but they'll change depending upon how much Google knows about the individual doing the search. If they know nothing it'll default back to the original, non-personalized rankings. The more they know about the user, the more personalized their results will be.
If anything SEO will become more important, especially for smaller or newer sites. Because done right these types of sites will be better able to compete with those competitors who are too spread out and not very well focused.