Within The Privateer theme for WordPress, there is built in search engine optimization at both the template and wordpress object levels (posts and pages).
While it is not as extensive as that provided in certain plugins, it takes care of the major seo related functionality needed for a WordPress site.
More SEO functionality will be forthcoming...but that currently available is what I wanted most for my own sites.
If you have picked up a copy of the privateer theme, feel free to stop by the Feature Request forum and let me know of any SEO functionality you would like to see implemented.
