So this thing is about reflecting about social media. The cpd23 blog suggested some advantages and disadvantages of social networking in the context of professional networking. To add to this, I would say another advantage is that you are kept informed in a way that you wouldn't be without it. I find sites like Twitter particularly useful for this. I have found out about professional events and even this course through the site. Without it, I would be one step behind all the news and events.
As for disadvantages, I think it is possible to feel overwhelmed by all the social networks out there. In some ways, we are more informed than ever but then there is such a thing as an information overload. Do we really have the time to read, digest and disseminate everything that interests us in our busy lives?
As for whether social networking can really help foster a sense of community, I would say that it can. I do think that there needs to be a common interest though and ideally people who are passionate enough about the subject to facilitate the community.