The use of social media in project management can bear fruits, if conversations are structured on the topic at hand. It may be good to establish an official response ethics on project management topics(eg. on facebook) between participating members. To stay on topic. Reading through many threads on a topic may seem like like a drag, but it can bring new members to a project up to speed. Of course social media cannot replace project document updates but can aid the process of communication and awareness.
Ty Kiisel takes on a very familiar subject of social media use in Project Management. Read the what Kiisel has to say on the topic:
http://blogs.attask.com/blog/strategic-project-management/does-social-media-work-for-project-communication
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