Lots of people are quick to get on the "Social Networking Inventory Sucks" Bandwagon, see one example from Jason Calacanis here, but i think you need to be careful about throwing in facebook to that same bucket....i recently added the mytracker app to facebook, which sucks up the songs i'm listening to on itunes and includes them in my profile so my friends can see what i am listening to....You can see a screen shot from my profile that indicates Ben Harper has been played 6 times, and is actually number 4 on my list of top plays....
When i logged in today to facebook, i was served a Ben Harper concert ad, which totally caught my eye, and had it not, for some unknown reason to me, rotated out without my refreshing the page, i would've actually clicked to find out more info.....
So when posed with the doody or booty question, I believe that there's a treasure trove of valuable inventory out there, and in between cows and sheep being thrown across the ether and college kids posting pix of their roommates puking, there too are real consumers waiting to be messaged to, and an opportunity for marketers to reach them.
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