Does social media such as facebook & twitter help or hinder the true meaning of the "social experience?"

Social Media and Networking allows us to communicate easily and more frequently with more and more people, but how much of each of these experiences do we actually absorb and/or value? 

There is no question to the personal and professional value associated in being a part of social sites such as Facebook, Twitter & LinkedIn, so how do three of my closest friends, who are among the coolest, connected and most intriguing people I've ever met get by without being members of any social websites?
Their answers are simple; "having too much fun enjoying people to partake in artificial interaction."
This made me wonder; although social networking allows us to be “involved” in so many aspects of so many people’s lives and experiences, how much of these experiences do we actually absorb and truly appreciate? Is it quality vs. quantity?