I've been reading quite a bit of material on Google recently and I've personally come to the conclusion that sooner rather than later, search engines such as google will almost dismiss the current SEO techniques used today with a couple exceptions. I would think that Keyword rich content, Titles, links etc are and will always be very important, but the older Google gets possibly 99.999% of it's results will be based on content and interaction only? Think about the difference from 2001 to 2006 and how much less value h2 tags etc give to SEO now. (this is all of course an assumption).

Question-!

My question is, from what you all know, is it really worth the time to label images and make sure h1 h2 tags etc are labeled with Keywords ?? and if so what % would you give to the "tried and true techniques" ? At this point I think it's still important enough to spend some time on, but what do you all think??

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Don't "keyword stuff" your pages solely for the purpose of trying to rank. Search engines alter their algorithms on a daily basis so focusing on a longterm SEO strategy is folly.
Of course you can constantly monitor the serps for algo changes and alter your site accordingly - the question is do you have the time? If you don't, then focus on the quality of the content and everything else will fall into place.

"is it really worth the time to label images and make sure h1 h2 tags etc are labeled with Keywords ?? and if so what % would you give to the "tried and true techniques" ? At this point I think it's still important enough to spend some time on, but what do you all think??"

I don't think so at all.
Look at craigslist.org, very simple website, ranks 59 on alexa. I am sure they are not doing any SEO stuffes. All they pages are numbered which is not SEO friendly at all.

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Distributing videos through tubemogul.com or trafficgeyser.com can get you ranked higher and faster on Google. But make sure you use the keywords you want ranking for in your description and tags. I agree, the SEO methods of just 5 years ago seem less effective.

LB

I have never heard of any of those sites I will have to check them out.

There are alot of these types of sites out their I would make sure you spend the time researching them