My media people track social, mobile and traditional eyeballs and adjust/distribute budgets accordingly. Mobile marketing association asked everyone to increase mobile spend to 7% - up from 1%. But mobile impressions still don't account for 7% of overall views so this is more a wish than a substantiated recommendation.
As far as BS and AS (before social and after social): Marketers have had plenty of time to benefit from social's full potential. To date, leveraging social in all of its manifestations has not enabled anyone in the US $2.4 trillion consumer package good industry to more successfully launch a new product than they were able to accomplish in pre-social times.
Yes, consumer habits and practices are changing as eyeballs leave traditional for new media. However, the vehicle, the messenger does not determine if the product is purchased. Like media of all time, if your product does not leverage the correct product-based reason-for-being the CMO is going to sit there saying, (as marketers and advertising executives have always said) "I know at least half of my media budget works. I just don't know which half."
Media is just a messenger. It is not the message. That is the distinction I wanted to establish. :)