There's an element of snobbery about social media from some people. "Oh, I don't have time for all that," is a common comment I hear. Of course, it doesn't take that long and can be managed on the fly from an iPhone, so that's a poor argument.
I have some 2600 Facebook likes and slightly fewer Twitter followers, and find both invaluable. They drive traffic to my website, help build brand awareness, are a fun way to interact with people and I've even sold cars via them. So don't overlook Facebook! :-)