Search engines may penalize sites they discover using black hat methods, either by reducing their rankings or eliminating their listings from their databases altogether. Such penalties can be applied either automatically by the search engines' algorithms, or by a manual site review. One example was the February 2006 Google removal of both BMW Germany and Ricoh Germany for use of deceptive practices.[53] Both companies, however, quickly apologized, fixed the offending pages, and were restored to Google's list.[54]

Good point,The thing with this client is they wanted to mitigate the risk of removing a large number of links so high quality link building was moved in early before keyword research. So it is on a case by case basis, but defiantly a good point for most new clients I work with who do not have pre-existing issues you want to do Keyword Research very early in the process. 
Search engines reward you when sites link to yours – they assume that your site must be valuable and you’ll rank higher in search results. And the higher the “rank” of the sites that link to you, the more they count in your own ranking. You want links from popular industry authorities, recognized directories, and reputable companies and organizations.
Google has the larger market share by some way (in the UK it holds 98 per cent of the mobile search market and 90 per cent across all platforms) so it’s fair to say there is potential for more eyes on the ad. Bing’s interface is also less swanky than that of Google’s but, as mentioned, it’s worth giving Bing a shot and enabling yourself to be in two places instead of one.
Solid analysis on this tough topic Rand. It will definitely be interested to see what in-serp features Google continues to add to keep you on their site as opposed to clicking through to a website. I think SEOs need to take more consideration into branding and content marketing tactics in order to supplement potential lost organic traffic as time goes on.

Remember when you used to rely solely on search engines for traffic? Remember when you worked on SEO and lived and died by your placement in Google? Were you #1? Assured success. Well, okay, maybe not assured. Success only came if the keywords were relevant to your site users, but it was the only real roadmap to generating site traffic and revenue.
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