@oscarberg is "so tired of the question 'is social media a hype?' Obviously it's not, so please stop asking this question!"
Hype (short for hyperbole) is a property of discourse, not of technology itself. Discourse about social media can oscillate between hyperbole and bathos. The same is true of any other technical or sociotechnical innovation or practice. The medium is not always the message.
Aaron Kim, Social software adoption: Riding the hype curve (December 2012)