Every new tool is treated with excitement, skepticism, caution and a myriad of other reactions or attitudes. As with every tool there are problems it solves.
Tools are only as effective as their use. There are also other factors that determine the effectiveness, such as the context and strategy in which they are employed.
At other times it is really the one who wields the tool that determines its effectiveness. The bottom line: there are things each tool can and cannot do. Social media is no exception. There are things social media can and cannot fix.