Who's right ... John Battelle or Nick Denton?

Maybe because I'm Mediapost's Social Media Insider (plug), I thought the social media panel was the most interesting so far. John Battelle, the ubiquitous head of Federated Media, and Nick Denton, founder of Gawker Media, best illustrated why, because they represented polar opposite views of whether social media's engagement power will make it online marketing's killer app. Said Battelle: "I think social media is the place that is going to happen. I really believe that." Denton said that a social media properties 'ability to engage consumers is correlated with "their failure as an advertising medium." So, which one is right?: