Hey the main social sites I focus on are stumbleupon, Digg, and most recently Twitter. They have all provided a decent amount of traffic, but nothing too extraordinary. The good thing about StumbleUpon and Digg is that you don't have to spend too much time on them themselves other than submitting your Diggs and Stumbles.
As per time spent, I have been spending the most time on twitter now, just to provide updates. But overall I would say about an hour and a bit a day would be sufficient. Just do your best to build some quality relationships with others and you should be good.
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