"Social Business is the ability of an organization to use communities to improve performance." http://ow.ly/a747x
Great definition. While a bit buzz-wordy... the value of social business is huge.
It's the ability to generate feedback for your business organically and without incentive.
It's the ability to build a voice and command authority and influence on relevant subject matter.
It's the ability to marry your content efforts to your audience's desires.
It's not the future. It's not that SEO is dead. It's not that PPC, or email, or anything else is dead. It's that this is a new way to do business, whether you're a big brand or a small, niche business. It's something that's vital to the future.
How well versed is your business, socially?