What social media or internet sites do you use, how much time do you spend on them, and what are your weaknesses in regards to time spent vs. benefit you get from it.
I'm making a real effort to cut down on my internet time in general. I'm trying to limit myself to 10 hours a week. This takes some planning on my part because I am a budding writer and avid blogger, and I do some podcasting too. What helps me with that is outlining (or idea-mapping) ahead of time and cutting down on editing, both on posts and podcasts.
For social networking, I mostly use Twitter followed by Facebook. I mostly post status updates to both, which saves some time. I find Twitter is good for seeing what everybody is talking about and jumping into the conversation when I have something significant to contribute. It also is a good place to post updates about my blog posts and podcast episodes and help build an audience, although I don't abuse the privilege. Facebook is great for longer updates and other musings that might not fit into 140 characters but may not be good for a blog post. I can also keep track of conversations better than on Twitter because I can comment right under the post instead of using hashtags all the time, which I sometimes forget.
Here too I'm trying to limit my time to 30 minutes per day, maximum, for each service. I'm monitoring myself pretty closely and, so far, it seems to be working pretty well. I don't always have the discipline I should, however. Twitter is better for what I get from it vs. time spent. I get to interact with some very cool friends and it doesn't take too much time. Facebook is the same in this respect, but there are a lot more distractions. I often get sucked into playing games there for longer than I wanted to spend, but I'm working on this too. Baby steps, right?