A group from the IPA has been developing thoughts on the new landscape presented by the advent of social media.

This group of blogger / plannery types has created 10 principles to guide agencies and advertisers in this new world. The principles plus the surrounding context can be found at the IPA's site here.

I'd also recommend you check out the blogs of the talented bunch of people who developed the principles. I'm already a regular reader of Mark, John, Faris and Neil. But I'll be giving Le'Nise, Katy, Jamie, Amelia, Graeme and Asi a try. (Though that just may make me belong to a homogeneous cult with no scope for independent thought.)