The problem is not the amount of content but it's quality and access to it (it's amazing how some of the brightest minds simply ignore this super trivial fact!) We need to equip everyday users with tools which help them produce quality content (not just content!), reach their targeted set of audience and be discovered in a blink of an eye!
Sites like digg are great in sharing and discovering content on the web but at the end fo the day its just a big database of links with very little semantic info.
All in all social media as percieved today will only clutter the already messy internet space unless we get superman to organise this mess up!
