Increasingly, Fortune 500 companies like Ford, Wal-Mart, Sony and Dell are embarking on social media marketing campaigns and blundering, big time.

At best, they wasted a lot of money on ill-conceived campaigns involving blogs, video-sharing sites like YouTube, social networks like MySpace and other new media where users (horrors!) can actually create content.

At worst, their futile attempts at old-style message control (masquerading as new media) did permanent damage to their brands in the very markets that will determine their future fortunes.

Other companies, including IBM, Lego, P&G and Netflix, are getting social media right, or at least trying very hard.

Let's take a look at the good, the dreadful and the redeeming in corporate social media marketing.

Author notes: BL Ochman is a blogger, educator, social media and blog advertising campaign strategist and creative producer. She blogs at http://www.whatsnextblog.com. Read full bio.