There's a debate on whether the wash of SEO fueled releases are corrupting, contaminating or destroying the traditional Press Release. Urm. I've not actually heard anyone outside the SEM industry complain about this. The PR Hubs have to work hard in order to keep their Google News status.
I do think the PR is evolving though. VidPR is a great example of the next level of "press release". As the name suggests VidPR is all about video press releases. I was lucky enough to meet their Managing Director, Michael Patrick, at Search Engine Strategies in London this year. In fact, I was sat down in front of the camera on the last day for a quick chat and an attempt to describe AdSense in layman's terms.
I don't know whether you'll get to see my long-haired mug in a SES video but here is a good example of what VidPR can do for Technology for Marketing. The video is just a few minutes long, needs sound, but I think looks absolutely fantastic. Watch the smaller screens in the corner. VidPR have really managed to sex up TFM.