Folio posted a long roundtable discussion the other day about incorporating – and monetizing – social media on your site. Participants included Stephen Merrill of BudgetTravel.com, Jeremy Westin of Playboy Media Group and Ted Nadeau of CondeNet. It’s definitely worth a read if you’re interested in the subject. But for the time-pressed, here are a few key points:

• Nadeau points out that not only does social media offer an opportunity to deepen user engagement, but it’s a way to extend your content and brand beyond the “walls” of your website.
• According to several of the participants, we’re moving from an age of quantity to an age of quality, from valuing high traffic numbers to valuing quality traffic. This is especially important as online ad sales looks to improve upon the CPM model for gathering revenue.
• It’s all about the content and how you facilitate it. Stick to your brand.
• Community managers/editors/leaders are going to be the next wave of editorial staff and the next “cool job to have."
• When working on user-generated content, it’s important to maintain editorial standards.
• We’re still in the early days of social media; “it’s all about careful experimentation,” says Westin.