This falls into what I'd categorize as "solving the easy problems". It's something that companies do all the time. And sometimes it's worthwhile, but often it means that a company doesn't understand the business it's in very well and doesn't have a clue how to innovate.

Personally I believe that there is a huge amount of room for improvement and innovation in social, and when I see a company like facebook merely working on the "make it prettier and easier" aspect I can't help but wonder how long until a disruptor wrecks their world.