The Values Proposition for Allowing Users Access to Social Networks

What is the values proposition for allowing employees access to web 2.0 resources such as social networks?
Every other day, we hear about the risks. Compromised Twitter accounts, phishing via LinkedIn, malicious Facebook apps were only a sample of an every growing landscape. Most enterprises, appreciating the threats these pose to an environment, simply deny access to social networks from company systems and networks.
Even within such organizations, there are user who need to access social networks to perform their job functions. LinkedIN has become a great tool for recruiting prospective new hires. More companies are using Twitter, Facebook, Myspace and others to promote their business an connect with customers.
But outside of that, is there a value in allowing employees, whose job function do not require it, access to social networks on company systems?

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