Twitter has been my go-to Social Network/information system for while now.
On the news side of things I find out about what is going on in the world way before it comes up on mainstream sources. That's the case for local, national and international events.
I use lists to deal with the chatter on twitter. I have a list with my real life friends--that 's strictly people I know and socialize with. I have a motorcycle list which is a combination of moto news, riding acquaintances and industry contacts. I have a local list with all the happs in LA. That's a great source of local specials, food truck information, bands, traffic and everything else. For fashion, I have a plus-size list. Angie and YLF is the only mainstream fashion tweep I follow. It is such a specialized market, I follow both bloggers and retailers. The retailers can be a great source of special discounts. Finally, I have a general cool list for stuff that is funny or interesting.
If it doesn't fit into one of my five lists, I'm not likely to follow.