I was recently asked for my single most important tip for Interactive Marketing success in 2010. After some prods to experiment and just do anything! ... I settled on this: concentrate your resources on the big guys - stick with iceberg hopping.
Have at least one project on these 5: YouTube (buy a flipcam for yourself and a friend this Christmas), Facebook (1 personal, 1 professional), LinkedIn (your own and your Groups), Twitter for business, and Google for either advertisers or site owners. Each has amazing features to make it easy to manage and monitor conversations (ask me for details for your business).
Let the kids experiment with the latest widgets, apps and gadgets. I know we have had fun with these (like the one's over there on the right in the "Test Lab"), but for your business, it is more efficient to fish where the fish are. Last year I made other relevant fishy analogies like Be the Fish.
Yes, these huge and growing entities may inevitably grow large enough to lose their efficiency so we can do what we always do to the leaders; hate them - like Microsoft and the Yankees. However, they are providing services to create smaller, more relevant groups (micro-communities). Think smaller size but bigger influence.
Business Week has a recent expose on the pitfalls of Social Media. Don't worry so much. Just learn more about it so you can find out what works for you.
Your business has "friends" - employees, partners, vendors, and customers! ... go hang with them on an iceberg.