I don’t know Zunch, but I’d argue that it’s generally good riddance when overpriced fancy SEM firms go belly up. As Google creates easier, better, and cheaper ways to do great in-house SEM (e.g. Analytics and PPC management) it’s not surprising places are opting for this approach. For the most part the big SEM firms are dramatically overselling types of SEO that cannot be done at all or are best done in-house or with the greater expertise found in small SEM shops and freelancers. My $9600 bad experience with a fancy SEM firm last year led to a refund, but that was thanks to threatening to blog about it and the written guarantee of increased traffic. I think very few get refunds despite generally poor performance.
After a clever and intense process of selling me on the service it was frustrating to watch them apply generally good but obvious principles of SEO. Also frustrating to note that I knew more about SEO than they did from attending a few Webmaster World Conferences.
So, is Zunch the beginning of a new trend? Perhaps a good trend.