wheel - 9:27 pm on Mar 23, 2011 (gmt 0)
It's changing slower than people are suggesting, for many industries anyway. The social media aspect of it is still pretty useless other than as a signal of quality to Google. In my industry I don't see any direct use from all this social stuff. In fact I spoke with a guy in my industry last week, leverages facebook hard and well - gets a grand or two visits monthly. But admitted none of it turns into business.
I also had a consultant (a well known one) do a viral type campaign last year. As far as I could tell they did a decent job. Sales though? Not that I could see. Got a bunch of non-relevant backlinks to a dead end page on my site.
I'm starting to work on social media stuff, but only to send signals of quality to the search engines. So my twitter account, I'm careful what I tweet, quality stuff only (well, as much as anything I say is quality) and I'm trying to get quality, real people followers. If/when Google starts measuring quality or other signals in the tweets, there I'll be. Maybe.