That's what SapientNitro's Nathaniel Perez sounds like, touting the value of "LBS," or local-based social media applications and platforms. There are plenty of those and they're growing fast, but the most interesting ones from Perez's point of view are ones like GroupOn that provide a, well, group dynamic. "The big thing for LBS is group behavior, and doing things together," he said.

That's what Social Media Insider Summit opening keynoter Lou Kerner is saying this morning. Kerner, who is the lead social and Internet analyst at Wedbush Securities, and according to himself, the first analyst to follow social media. Kerner, who has been tracking the equity value of social media since 2003. Despite, Kerner said, "We are still in incredibly early days." And striking an analogy that even oldschoolers like me can get, Kerner noted, "If social media was television, 'I Love Lucy' hasn't even aired yet."