I completely understand that Twitter and Facebook and the power of social networking is that you essentially crowd source the credibility and usefulness of information. Look at another great tool Digg, it allows users to find information and digg up or digg down the content. The problem I find with social networking is that our culture honestly hasn’t caught up with the power of social networking.
For example, people have lost all sense of netiquette if they ever had any at all. Look up random digg or slashdot posts and read how users will treat each other and show little to no respect towards each other. Maybe that will change as online identity ceases to be so anonymous, but the reality is that it happens today, and I don’t think you can just attribute it to script kiddies and over-stimulated gamers.
Finally, people will always have better things to do with their lives than keep up with the latest twitter trend or facebook update. It’s called living their lives, so if that means they just turn on the tv and have the news presented to them (with all the editorial that comes along with that) I think people will be just fine with that.