I was front row and center for the panel “Social Media Risks and Rewards” today at Affiliate Summit West. In addition to our own, Jivan Manhas, the panel included Gary Kibel of Davis & Gilbert, Shashi Bellamkonda of Network Solutions, Will Haselden of the Office of the Attorney General for the State of Florida, and Mike Kowal of Linkshare.

Each panelist was able to give a 5-7 minute presentation. They each took a different approach – you had two legal perspectives, an overall generalist’s intro to social media, and practical examples from performance marketers.

Jivan’s presentation centered around real-world examples of affiliates using social media to drive revenue. He cited platforms like Facebook and Flickr, as well as ways bloggers are leveraging their audiences to increase volume and sales.

One theme that continued to surface among all the panelists is transparency and disclosure around things like privacy policies and terms of service. It was also interesting to see the progression of larger brands like Kmart embracing the space.

The world of social media continues to evolve, and has changed substantially even since Jivan spoke at the Affiliate Summit Social Media Conference in October. With the changing economy and shifting tide of affiliate marketing, social media may play a bigger role than ever as 2009 unfolds.