Social Networking Rocks, Maybe?

I'm not sold yet on social networking sites.  Sure I've been trying to blog and I recently got a Facebook account, but I'm not sure I see the allure to social networking.  This leads me to ask:

"Why is social networking so popular?"

About 10 years ago, before social networking was even invented, I thought for sure that the Internet would be the death of the English language and the end of face-to-face communication.  I guess I wasn't exactly right, but social networking has taken it to the next level.

I'm not convinced that I always need to let my friends know what I'm doing at all times or if I care to know what they are doing.  Sure, it's a fun way to check up on people that you haven't heard from in a while, but overall I think I'm missing the point of social networking.

Why do you use social networking sites?  What benefit do you get out of social networking?  Is it safe to say that social networking fuels one's self assurance that they are in fact popular?  Do you ever feel anxiety over your social networking skills or lack there of?