Todd Defren got a really interesting client request -- have to think about the Google Relations index.
Since this is all about conversations and relationships here's my idea of the perfect social media measurement program: BEFORE you jump into the social media swirl, before you start any conversations, you use the Grunig Relationship instrument to measure your relationships with one of two key constituencies -- your employees, your customers, your membership, whatever.
Then you take the plunge, you start with a blog, at the end of six months, you repeat the relationship study and see if/how much you've improved on any of the six relationship indices. Then you move on to Facebook, flickr, twitter, etc. whatever moves you. Repeat the study at the end of six months and compare the results. Now that would be an award-winning social media measurement program.