The SEO death march? Matt Cutts' warning on Google Penguin

I wrote the other day about how changes to the Google search engine 'Penguin' will change you SEO and content marketing strategy. 

Further comments from Google's head of search spam Matt Cutts should have the entire SEO industry and online marketers on high alert:

"You don't want the next Penguin update". 

Barry Schwartz summarised his murmurings from a conference yesterday:

"He even added the next few updates will be "jarring and jolting" for webmasters and SEOs.

"I've never seen a warning like this before from Google. It makes it sound like the Penguin update will be felt by many many more SEOs. Our initial poll said about 65% of SEOs were hurt by Penguin - why so many more than Panda which was 40%? Well, this is aim more at SEO techniques despite what Google wants to say otherwise."

Matt Cutts is known for openly dismissing any efforts to 'game' Google search and any warnings should be taken seriously. 

Is this the end of SEO as we know it?