Nonetheless, social media seems to generate buzz for some television shows and may be valuable in non-quantifiable ways. And, at least for a few of the panelists, it also raises questions about the validity of traditional television ratings systems.

"If we can't actually create a direct correlation between social TV and ratings, we see what it is doing in a lot of other ways,"said Gayle Weiswasser, vice president of social media for the Discovery Channel. "Time will tell what the statistical impact is, but anecdotally it's pretty strong."

People tend to see social media as a conduit for letting television networks know the shows they like. But social network buzz around a show thus far seems to have little bearing on the show's , said Christy Tanner, the general manager of .

And in some cases, listening too closely to social media buzz can be harmful, suggested Michael Learmonth, the digital editor of Ad Age magazine. He pointed to how CBS brought back a show it had formerly cancelled, called "Jericho," based on the fervent response to its cancellation on the message boards, only to have the show not do well on its second outing.

"That was a case of them listening a little too hard to a rabid minority," he said.