Shiv Singh from Razorfish has put a great presentation that highlights the value of social media as part of a collaborative approach to marketing. Shiv calls it Social Influence Marketing, but it’s essentially an approach to marketing that includes the customers in many of the activities.
Anyway, worth digging through this presentation, I love slideshare 
Social Influence Marketing Trends
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Thx for posting this presentation – very valid points. More and more it turns out that what we called “viral marketing” (i.e. creating customers that create customers) is actually “normal” social marketing; the snowball effect is what makes these strategies so cost-efficient.