Those who cheerlead for social media are in one bubble, and those who pooh-pooh it are in their own bubble.  The best place is reality, in between the two camps.

Depending on the day, you will read headlines that any given platform, network, online tool, etc., is "dead." Then there is an ensuing debate, comments, fiery banter, until the next thing is declared "dead."  If you're like me, you simply go about your business, pursuing your own strategy, and don't let the hyperbole get you down.  That's important because the next day, the headline will be "you MUST use" the tool, platform, or network that was just declared dead. 

Here's how to stay out of the bubble:

• Read widely. Don't just limit yourself to writers who agree with you.
• Take everything with a grain of salt, and be aware when there's an agenda behind the comment or article.
• Make sure that you have done your own analysis--what are you trying to achieve with your online community and social presence?

The best course of action is to do your own analysis, based on your own needs, goals, and plans, and follow your own drummer.

Just stay out of the bubbles, both of them.