Seems he's already got the next big social media advertising format up his sleeve. He calls them "social banners" and promises they will get the "tone" of the conversation between advertisers and social media users “down in an authentic way.

At least that's what Magna's Wieser seemed to suggest.

Some social fireworks ignited between Magna Global director of industry analysis Brian Wiese and, SocialMedia Networks co-founder and CEO Seth Goldstein about the value and role of social media in the advertising mix.

A debate is presently taking place on the viability of monetizing social media, and just how many media dollars its set to consume.

A question from the crowd about the measurable ROI for Lego's social media initiatives. Jensen's answer? "Idon't know," followed something to the effect of (paraphrasing): "If you have some people who are engaging with the brand, and sometimes know more about your brand than you do, that's an enormously valuable vehicle."

What best represents Lego's social media marketing philosophy? The beehive, according to Peter Hobolt Jensen, Vice President, Lego Online Communications.

Josh Bernoff provided an easy four step approach to the "groundswell." And it's a nifty, easy to remember acronym: POST.

Whether social media is a bubble or not, Forrester's Bernoff said social media -- unlike the last recession, which contributed to a dot.com crash -- is likely to be resistant to any economic downturns.

Josh Bernoff, Vice President, Principal Analyst, Forrester Research, got OMMA Social in New York this morning by striking an ironic note. "I think it's a little bit of an irony, that I get to stand up here and give you a one way conversation about social media," he said, going on to ask how many people in the room at the Yale Club believe social media is a bubble.

“Can Video Be Monetized?” The short answer is yes, but getting there isn't so easy. As panel moderator and MediaPost columnist Cathy Taylor mused, “My impression was that once video hit, problem solved,” because widespread video consumption was something advertisers were “really clamoring for.” But it turns out that too many formats and platforms and different size engagement metrics are being thrown at advertisers, and confusion reigns. “Theres a reason TV is a $70 billion format,” Tremor Media CRO Randy Kilgore said. Simplicityâ€"sight, sound, motion and a 30-second TV adâ€"that's what moves product. For example, it's fashionable to bash …