I do think that youtube videos can be moderately useful, as part of a video based marketing strategy, for traffic and to have content in multiple places online.
But this "shiny new object" fascination, reminds me of the dot com 1999 era sites where the focus was on "how many eyeballs" versus how many paying customers, is the key metric.
So my idea is, "yes it's ok to dabble in social media, but don't spend an inordinate amount of time there, at the expense of core content and jv development efforts". I'm oldschool, online fulltime since the 90s, all this social media stuff seems moderately interesting but reminds me of the erroneous dot com bust 1999-2000 era fatal flaw of "get lots of eyeballs and the sales will follow" mis-thinking that caused the bubble back in the day.
There's a huge difference between unqualified freebie moocher eyeballs, and qualified prospects that will actually Pay for your content. Sure there's some modest overlap at times, but mostly if you waste time getting followers and likes, ask "how many of those convert to sales?", vs solid product launch jv to hot email lists marketing 101 stuff we've all made a living from, for years.
Social media should play a support role, can be used for example integrated w/fb comment wp scripts to gather comments during product launches; that's fine. But I don't waste a lot of time on social media sites for my businesses, myself, just carefully dabble now and then, when there's a reason.
Me I'd rather focus on developing a dialogue with my customers during live webinars, developing valuable content that they can actually use, vs a bunch of tweets and fb likes stuff. What's my blind spot in that thinking, or, what do you think?
p.s. ok now I'm off to go tweet about this... -jk