While I wouldn't really consider myself a member of the blogosphere (I don't really visit any of the social news / bookmarking sites), I definitely think that social media sites have a big role in the world of Internet marketing and building website traffic. They are, after all, the driving force behind viral marketing, which, aside from the SERPS, is one of the few ways for websites to gain free traffic.
We do it here, and I strongly encourage all forums and blogs to include RSS and Bookmark This buttons. Not only is the traffic gained from such sites (think the Slashdot effect, the Digg effect, etc) pretty impressive, but it leads to word of mouth, being mentioned on both small blogs and large news sites alike, etc. All of these links then increase SEO ranking which leads to traffic from the SERPS, and it's definitely circular.
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The Queen of DaniWeb
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since Feb 2002