I think that Social Networking is great, you can keep up with friends and family that you haven't seen in a long time.
Just remeber, to keep in mind that what you say can hurt others, and sometimes it can backfire on you. When you put your status, remeber who is reading it.
There is also a time and a place for you to view your social network, respect others if you are at school, and of course don't do it while you are driving.