Is Social Media Crap for Business?

I've had a few heated discussions with my marketing mates down the pub about social media. Some say it's all meaningless BS and I quote, "Nobody I want to sell to wastes their time on Twitter".... puleease......

That's not how I see it - I get more hardcore, relevant information that I need by listening and contributing on Twitter and linkedin than anywhere else. I hardly bother with my old corporate email address any more because it's so much easier to Skype. I can find all the leads I can handle and I can't imagine not being part of this many-headed Hydra (now, now, no comments about which head i am....or was that medusa?)

I'm interested to find out other opinions - from diehard social media addicts and those who simply loiter.