Could social networking be used more than the telephone?

A report from the UK webpage Broadband-Finder.com reports that in the UK, social media growing at a fast pace, and sometimes more used than a telephone. Last year, over 72% of all UK citizens signed up for a social network.

So how does usage for UK citizens break down?
51% of users regularly sign into Facebook
20% of users regularly sign into MySpace
17% of users regularly sign into Twitter

Do you think stats are similar around the world? What does this say about our future forms of communications?