Social media’s value proposition?

So I’m getting ready for the ad:tech panel on social media that I’ll be moderating this Wednesday. Just checked out the conference site, and I see that they’ve updated the program.
Joining me will be Adrian Toy, Regional Director Digital, Universal McCann, Australia and New Zealand’s Bebo GM Francisco Cordero, and Mike Murphy, VP, Media Sales, Facebook. Mike’s actually the conference’s main keynote, so together with the other guys we’ve got quite a crew.

The conference organisers have given us the task of deciding whether a value proposition has emerged for social media and consumer generated content. Given the companies in question, I can hardly imagine it will be “no”…. but it’s interesting that we should even be faced with the question.

So, what should I ask these guys?

Update: Fox Interactive Media (MySpace) business development director Nick Love is also on the panel.  So that’s Facebook, Bebo and MySpace all on one panel. You don’t get that every day.