Social Networking for Business Collaboration?

For informal communication and alerting, yes, but for ongoing collaboration?  I agree, not in its current form. In Ecommerce Times:

Is 'Social' Business Collaboration Just an Expensive Fad?

I'm not sure that social networking technology -- particularly in the form that vendors are currently presenting it -- offers the best approach for improving business collaboration. Many of these vendors are asking corporations to make significant investments in applications that do little more than mimic Facebook....

To that end, these companies have begun piling social networking functionality on top of applications that initially were built for managing back-end business activities such as tracking the movement of goods across a supply chain. The vendors are selling this new functionality as a way of improving communication and collaboration across an enterprise ... "