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I have seen this misconception about social networking sites along with SEO rankings often times. The tendency is that people are being misguided by social signals. Matt Cutts said, "Google doesn't seem to be using Facebook and Twitter social signals when it comes to ranking." However, it's a way to drive visitors and traffic directly to your site. Perhaps, social networks are best described in advertising and promotions.
As per my point of view social signals helps a lot to rank a specific webpage.. I simply can't rank a page without social signal. Remember: Social Signal is a part of almost 200 factors involved in ranking of specific keywords.
There are two opinions on this issue. I've read how some people are getting amazing SEO benefit from just Twitter links, ranking pages easily. And, others are saying to leave social networks alone as they have no follow links. But, really when you consider how easy it is to drop a link there, then it's no reason not to at least add a few links to Facebook, Twitter and Google+. It might take ten minutes total to add your links. And, considering how credible all these sites are, even being considered authority sites with Google, it won't hurt your SEO. And, it could also result in direct traffic.
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