Here are some blog posts we wrote about CloudFlare's effects on SEO:
http://blog.cloudflare.com/?search=seo&sort=
Executive summary: while you should pick your vendor closely, we've worked with the major search engines to ensure that there will be no negative effect on your SEO rank. And, because search engines take speed into account with their rankings, most people see a moderate bump.
One post we haven't ever written, but we should at some point, is the effect of our Always Online feature on SEO. One of the worst things that can happen to a site for SEO purposes is to have a search engine's crawler come and the server to be down. Crawlers are programmed to back off in these instances (lest they exacerbate to a struggling server's problems). That can quickly hurt rankings. Always Online, as well as the overall resiliency that CloudFlare provides, can help ensure that when a crawler comes to index your site its content will always be available.
There's a bit about this in the following blog post:
http://blog.cloudflare.com/an-american-story-surviving-the-c...
But we should write more on it because it's probably more meaningful in terms of rankings for most sites than the speed boost we provide (since speed is a relatively small signal for ranking purposes).