Social Media in the long run can either be good or bad. People who are involved in social media sometimes need to realize that once something is on the internet it is there forever. Bad grammar, unflattering images they all will be there forever.
Many companies have actually benefited from their excellent use of social media. They abide by social media ettiquitte rules which is helpful. Posting things that are relevant, keeping up good customer relations, posting interesting information, product info, special offers, etc. are definite business boosters.
I think that if a company does not have a public relations department, they need one (if you are a company without one I graduate in May, contact me :)).
Someone who has a background in public relations is better suited to the social media world. They will know the rules to follow to keep it “classy not tacky.”
If you do not know how to handle yourself in social media it could hurt you or your company. If you tweet, or post, or put things on LinkedIn (or any of the other various sites) that is random or unrelated to your company (or false) it can damage your reputation.
It is important to make sure that anything you do involving social media is relelvant to your company/self or is something that people will find interesting. Things that appeal to a larger audience are most desired.
Those are my feelings and I could elaborate more if I felt like it, but could go on forever.