The social networking Buzz

I wonder, is all the Buzz around social networking justified? Besides tageting the consumer market, would it really provide business value? .. would having a direct integration with, lets say, CRM, with a social network (e.g. Facebook) provide real value for businesses?

 And... what about all the "applications" spouring everywhere:

-Peter parker sent you a hot potatoe,
-You have 3 movie compatibility tests
-Please answer Batman's questions

Can real value be effectivelly extracted from all this clutter?...perhaps