Luis Benitez is blogging about the fact that by 2011 social networking will be More Popular than Face-to-Face Collaboration. At least that is what IBM is stating in one of the youtube movies they posted.
I am not sure if IBm is correct however I think that social networking will create not only new friends online, it will also create new friends offline. If you look for example at the opencoffee meetings you see happening around the world I think that social online networks are making the offline connections stronger instead of weaker. That social networks will start playing a bigger role is without any doubt however it will not have much negative impact on real-life meetings in my opinion.