Social Networking – Do you do it?

I was just listening to a podcast from Small Biz Tech Girl where they were discussing the importance of social networking using such sites as Facebook, MySpace, Linked and numerous others to drive up business for your product.  They also touched on the potential waste of time these sites can be if you get sucked in.  I use Facebook, MySpace, Okinawa Hai! Society and my latest discovery, Blissfully Domestic Living Community to help drive readers to my blog.  I use the e-mail system on Facebook to e-mail all of my ‘friends’ and the Bulletin option on MySpace in the same way.  Okinawa Hai! Society and Blissfully Domestic Living Community allow me to create an event advertising my giveaways and even creating a start and end time for the event.  Add all the e-mails I send to my huge contact list in my personal e-mail account and I have got some big numbers on giveaway opening days. 

If you have a blog and want to drive traffic to it do you use social networking sites to help like I do?  Where do most of your readers find out about your blog in the first place?  Do you think that social networking is a good thing or a waste of time?