Things can get pretty silly in the blogosphere, especially at the end of the year. Witness Steve Rubel's claim that there isn't any value in the term 'Social Media'. This is nonsense on so many levels - where to start? Firstly, it ignores legacy media - did my dvd of Star Wars suddenly become a piece of social media? Secondly, the head in the sand view that many bloggers have is American-centric and ignorant of many other channels that are not used (or not accessible) to bloggers. Recall, only 17% of the planet has access to the internet, for example. Thirdly, whenever something is broadcast or recorded and released later, it fails to qualify as social media as there is no backchannel. Ever tried having a relationship with a prime time news caster, or how about a movie? Good luck with that. Finally, and possibly most importantly, what many bloggers fail to notice is that the most successful people in the blogosphere are, in some sense, moving towards mainstream models - main stream media may be getting closer to us, but we are also getting closer to them.
To take Steve seriously, I would have to assume that he is talking about some subset of media, but which subset I'm not sure.