Great article and thanks for referencing my article on NMA. I think you may have misinterpreted my article as I believe that social does have a place as part of an integrated strategy.

So for example those companies who use Facebook Connect as the entire registration mechanism are gaining little added value as opposed to those who still farm data with Facebook Connect as the login component of the registration process.

Also those brands who use their Twitter feed and Facebook connect to purely drive traffic are missing an opportunity to truly connect, especially publishers who are relying on outdated CPM advertising models. In the end the social channel just becomes a micro site within another site.

I believe those companies which use social channels to ultimately drive the growth of their own database will see the most long term benefit.

Peter McCormack
McCormack & morrison