Social Networking - Real or Hype?

Real:
Connecting with lost friends and digging out contacts - great value! I love Linked In!
Wasting time on useless updates and counter-updates - take control!
Collaboration and very targeted communities - huge value add here, but I wouldn't really call it social networking! A must for every organization!
Huge volume of digital information - but can we make sense of it?

Hype:
Business value - very few will really make money from it! Too many players commoditizing the offerings, and ad values go down with increased availability
Social intelligence - most of the information may end up being incorrect if it is unregulated, even Wikipedia is now enforcing curbs
Value of information - Fake identities, how do you know it's not a fake Twitter?