Social media has quickly sent marketing departments in many small and medium-sized businesses into a panic. The need to understand, create, harness and analyze social media has been evoked in companies of all shapes and sizes (http://blog.mrtweet.net/twitter-to-go-how-one-local-coffee-shop-used-twitter-to-double-his-clientele). From the frantic efforts to answer the "What's my ROI?" question, to the development of strategic metrics, organizations have had adapt to this untamed beast of today's business environment in order to fulfill corporate expectations and leverage sales. 
At one time being considered a pastime of young people, the popularity of social sites has spread to almost every living age group. Add that to the overwhelming amount of personal activity and time spent of these platforms, and you have an advertisers' dream (http://blog.nielsen.com/nielsenwire/online_mobile/time-spent-on-facebook-up-700-but-myspace-still-tops-for-video/). In essence, a virtual 'market' in which potential consumers voluntarily input their personal demographics, interests, and usage patterns. This recent phenomena has allowed marketers to fine-tune their messages to their ideal (social) market, without wasting the excess resources affiliated with more traditional approaches.
Still, there is no proven discipline or time-tested academia to back up most social media marketing efforts. The only true source of validity comes from short-term data, viral campaigns, expert blog entries, and credible agencies/consultants...most of which are few and far between. Coincidentally, rising marketing professionals (you) are now being expected to have a working understanding of social media's place in our industry, while possessing basic know-how on campaign design and implementation.
THE GOOD NEWS - you may already know more than you think. In fact, if you are one of the many students already active on these social sites (Facebook, Twitter, LinkedIn, this blog, etc.), consider yourself ahead of the curve. After personally working with a variety of businesses on the subject, you'd be surprised the lack of social media knowledge in the professional environment.
So is it all a fad? A bunch of smoke and mirrors? Truthfully, I don't know.
However, I do know that it doesn't seem to be going away anytime soon. My advice - begin to read about what's going on in the social media world and apply it to what you already know about marketing. Listed below are 4 sites that I visit religiously at least twice a week to stay up to date (and competitive!) with the social media world.
1. Mashable! (mashable.com) - This is THE source for up-to-the-minute social media news and info. Not only is it informative, but this site also has great how-to's and tutorials designed to guide you through the more complex areas of the social media realm.
2. Ignite Social Media (ignitesocialmedia.com)- Even though this is an agency/consultancy site, it publishes loads of social media marketing tips, tricks and examples.
3. Sphinn (sphinn.com)- Informative site covering a wide spectrum of web-based marketing - everything from social media to search engine optimization can be found here.
4. Springwise! (springwise.com) - Although not really a social media resource, the 8,000+ 'spotters' have managed to compile the very latest in emerging trends from almost every industry. As inspirational as it is entertaining.
If you frequent any sites not listed and feel they would be beneficial to fellow marketing peers, please post their URL's and a brief description in the comments.
By Kevin Penney
Kevin Penney is a senior marketing major in the VCU School of Business. He has played active roles in strategic marketing (social media & traditional) efforts with various local organizations. After graduation in May 2010, he is planning to pursue a career in branding and account management.
The "Social Web" - the weave of "Social Media" Internet sites - is the dominant environment favored by many young consumers,the place where they connect with one another.Contemporary marketing requires having a robust presence on the social Web, but its array of media choices can be confounding.The sites' obscure names - Ning, Ping, Pluck, Plurk, Bebo, Orkut, Plaxo, Minggl - reveal little, and they seem distinctly unwelcoming to overt marketing and advertising.
Twitter backgrounds
I would certainly agree that online marketing is one the fastest growing and best way to make money but not the easy way to make money. It is as difficult as any offline marketing and setting up an online business is as difficult as any offline business.
Search Marketing Agency
You say...
"However, I do know that it doesn't seem to be going away anytime soon."
"Soon" is a relative term on the internet.
But I do agree social media is here to stay... for a "while".
Portland Internet Marketing