Remember the v7ndotcom elursrebmem contest? It's almost at its end, with just a couple more days to go.
I played along in the beginning mainly because I was itching to poke fun at SEOs, and it was a perfect time to do it. I then added a backlink to my forum signature at 3 or 4 forums, and that was the extent of my involvement.
I haven't studied the leaders much, but it looks like coop weight and number of backlinks is counting for a lot, as well as some well-placed 301 redirects.
So, how has my page fared? Well, living off of mostly forum signature links, not too bad in Yahoo!, Ask, and MSN (none of which count in this contest). Top 30-40 or so in those. Google kept the page around the 250 mark, until I deleted most of the forum sig links, and then dropped me out completely.
Moral of the story. Looks like coop still holds weight. And forum sig links can still help quite a bit in some search engines. So, not all "old" SEO tactics are outdated. Good luck to those who have been taking this contest seriously.