An excellent round up of a panel by Return Path’s Stephanie Miller. My friend Augustin Fou as usual has some great thoughts on measurement.
digiday:DAILY – The Big Hairy Elephant in the Room: Social Media Measurement

The panel agreed that every marketer must define measure as Relationships, Analytics and Outcomes. Dr. Fou talked about the linguistics involved – that calling it “social media” sets an expectation that our investment can and should be measured like advertising, with a traceable ROI. Certainly the social networks like Facebook and MySpace are scrambling to improve how their reporting and analysis fits with media buyer expectations and needs. However, if we call it “social marketing” then we can start to measure things around impact and influence and engagement.

This article is really a must read regarding measurement and Social Media.