It's not just businesses diving into social media, its post secondary institutions as well! As an employee and student of BCIT, I am very interested in what is going on. As facebook is essentially the only platform I use, I found the BCIT facebook page quite quickly.
I think BCIT is doing a good job. They are using the platform for student recruitment, staff recruitment, attendance to upcoming events, etc. BCIT had an open house not too long ago and this was a great platform for making prospective students aware of the event.
This assignment forced me to look at other institutions as well. I checked out SFU's page tonite and found that they too have a facebook page, twitter and youtube. The links are right on the home page, very easy to find. They even participate in Flickr.
Post secondary is actually a competitive business and I guess institutions also have to keep up with the times. I find social medial very useful for shopping around, asking questions without committing to a phone call, or impersonal email.