'Half of social media campaigns will flop' - will your's?

I've just read an interview on Cnet with Adam Sarner, an analyst with market research firm Gartner.  According to him, "over 75 percent of Fortune 1000 companies with Web sites will have undertaken some kind of online social-networking initiative for marketing or customer relations purposes"; but 50 percent of them will pretty much fail.

Why?  They don't have a "mutual purpose".  In other words, that crucial balance achieved when both the company and the customer get what they want out of the effort.

You know, I think part of the problem is that companies think that social media needs to be a "campaign".  Just another medium through which to push their marketing message.  But too many times, they're just trying to fit a square peg into a round hole by trying to find some way to connect with customers using this "new-fangledy social media thing".  If you have to force yourself to connect with your customers, you're going about it all wrong - and in the immortal words of Yoda, that is why you fail.

Sarner offers this tip: "make sure that there's a clear reason why such a campaign is instituted, and 'get people talking' isn't enough."  Neither are "push out our marketing message" or "sell our products".  Social media is about being social - and transparent.  No hiding behind a logo, no automaton-droid, Kool-Aid-drenched sales and marketing messages.  Actual conversation and connection with customers on an ongoing basis.  Unfortunately, many companies focus too much on the immediate ROI of using social media, rather than the customer community and branding benefits - again, a big failure point.

What do you think?  Are there any companies that get social media and have implemented it properly?  What are some notable failures?