I use it but only for specific purposes. I don't have to worry about all that other crap with the people, companies, groups that I subscribe to, etc. I'm not really big on hanging out on these things but I do use them for information I'm interested in, family, professional relationships, etc.
Social media can be very helpful as long as you use it to your advantage. Even on Facebook I don't accept many of the friend requests that I receive. I also don't share a lot of information on there but I do connect with friends (real friends) and family.