how will the economic crisis impact adoption of social media? Is social media a "must have"?

I would say that it is a Industry, niche, and demographics decision.

The only real "Must" is that organizations need to realize that to be successful in the future, you MUST start listening to your clients.

Listen, participate, and open the dialogue... companies can no longer have one-sided monologues.

I agree with that, but I wonder how many companies will keep the faith