This is a great blog post -- I can't help but feel like its an argument less against social media and more about how we use social media. I think it's particularly ironic that he singled out Reddit for providing "absolutely 0 value to me", since Reddit's original use was a news aggregator devoted to separating signal from noise. Nowadays, its a place for people to spout memes.
(that and an unhealthy obsession with comparing reddit to digg, though I'm guessing that theme has fallen by the wayside)