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Social network marketing is increasingly becoming a main source of traffic for websites for those who know how to leverage them.

Take a look at this article "The Next Generation of Internet Leads". It explains how traditional online marketing is changing (even before some know how to do that).

I definitely don't think SEO is going away anytime soon but social network marketing definitely has it's place.  I have found that a large majority off traffic from the sites I manage come from these sources.

Also I found this video below to be extremely informative on a few social network points.  It won't be long before you take ONE online identity with you to different sites...Going to be interesting to see if it's Facebook, Google, or another player who wins the race.