Geneva Overholser, the director of the Annenberg School of Communications at University of California, provides a sound framework in an article for the vast issue of Nieman Reports on journalism and social media.
There are certain qualities of social media that need journalism, she observes --- the principle of verification is important as information is gathered and disseminated, and there are matters of accuracy, proportionality and fairness that need attention.
But there are also things journalists need to ease up on --- for example, the high-priest view that the new social media communities somehow are lesser than the audiences built by the conventional players.