Gary Goldhammer gives a contrarian viewpoint on social media measurement. He suggests that relationships are not quantifiable; imagine putting a value to your spouse or friends. Yet even Gary suggests you should, "take a hard look at the value and extent of those friendships."
Does that mean you suggest that you put a dollar figure on the value created by having a relationship with an individual? That would contradict Gary's whole thesis.
The "extent" part makes sense as it implies what a relationship does for you, who it connects you with. A lot of social media watchers are adding a blog or person's connections to determine their ranking. If Google measures the value of the websites that link to a website in its algorithm, maybe we should add the value of all of the people who count you as a connection on the social web, perhaps that would determine the value of those relationships.