Mike Troiano has some really interesting views on social media, I recommend you check out his blog (http://scalableintimacy.com/)
In his manifesto he writes how Social media is not about CPM. It is about investing in relationships that create more measurable economic value than they cost. It is about engaging with the individual people who collectively decide whether to buy or not buy your product, like it or dislike it, recommend it or trash it, share it or ignore it.
If this is true then social media undoubtedly calls for more open, honest and socially responsible companies. A brands actions/behaviour dictates its success. Brand ethics and values need to be filtered effectively throughout the company in order to generate a consistent brand image for the consumer.
Basically, social media has given consumers a voice, and if you treat your customers badly then prepare yourself for the consequences.