I thought it was time to hit this again as it came up in a thread over at Webmaster World. While the thread was a little weak, I’ll expand on the issues that still come up. And I’m only covering Google hear as MSN and Yahoo! still can’t drive any “real” organic traffic in comparison to Google.
Myth: Use Meta Tags to Increase Your Ranking
Reality: False. Google doesn’t index them for SEO purposes. They mean absolutely nothing for ranking purposes. However, meta tags can be good for the overall use of your site. If you want to really learn about Meta Tags, see my Meta Tags Explained article. For specific topics, see Meta Title and Meta Expires.
Myth: Your Keyword Density must be “X”%
Reality: The days of measuring keyword density within certain ranges is in the past. The reason being that On-Page Optimization isn’t as much of a factor as it used to be. However, you want to make sure you aren’t “over the edge” so keep that keyword density in the single digits. To be clear, just because it isn’t much of a factor today, does not mean On-Page SEO should be abandoned. If done incorrectly, a page will never rank as high as it can.
Myth: Reciprocal Linking is ignored by Google.
Reality: False. Traditional reciprocal linking where you get your link placed on a page with 500 other links all with no real reason to be included together. Don’t go the route of a links page, instead, get links from the actual content of articles or a recommendation that is actually worth reading. Effective marketing takes time and effort. Links pages require neither, which is why they are worth little.
Myth: One-way links are the best and is what Google prefers.
Reality: This is often a “selling point” by a link building company who will then go out and register your site with directories that you, nor Google has ever heard of. Avoid.
Myth: Three-way Linking is Safe – Google Can’t Detect It
Reality: A three-way link through a link building company is usually nothing more than a worthless reciprocal link shared between three sites. A garbage link is still a garbage link no matter if it is “one-way” or “reciprocal.”
Remember, before believing that high priced consultant, make sure that what they are saying makes sense to you logically. Often, it won’t.
The main reason I started the SEO Revolution was out of frustration. Frustration at all of the lies and misconceptions that are posted in forums, given as advice in teleconferences, and even taught in live workshops. "So why didn't all of this work?" " Why wasn't my site successful?" " Why am I still stuck in a rut?" 
Thanks for the tips. I like what you say about marketing taking effort and anything that takes little effort is therefore worth little.
If someone is playing a game of trying to trick Google, they’re missing the point of what marketing seeks to achieve. The goal is in sales and relationships – not link counts, rankings, or even traffic.
Good points Jeff and it is an area most forget because the web is “faceless” … not having human contact in person or by phone somehow takes the “human element” out of the thought process.
Marketing has always been offering a solution to a problem and pricing it within range of the consumer.