Utter, fucking, bullshit! I work at many clients, quite a few with younger people in their late teens and early 20's.
You're just seeing a decent cross-section of the age groups you deal with.
It can't be wholly bad - apparently there's quite a shift going on (at least according to Mark Penn) in how younger people (20's to lower 30's) use technology in socializing. Of course, Penn talked about the possibility of a seriously expanding market burgeoning from clubbers and the like; the recognition was still given that there are a lot of people obviously using their cell phones and Facebook accounts to meet other people face-to-face for social interaction. Again, take my words of "social interaction".
This is really bad for the "real" world however as discussion requires some sort of animation (Eyes, hands, arms, body posture) to be effective. You cannot make any effective dialogue by standing perfectly still and straight, it seems robotic.
Apparently you've never dealt with Japanese, Korean, or Chinese business men/woman. In the professional sense, they are some of the most robotic creatures I have yet to encounter! Yet...they still manage to get their jobs done very effectively.
MySpace and Facebook cause problems with the way people interact. Anyone that says otherwise if a fucking moron.
My grandfather was quoted as saying similar things when the telephone and television became hugely relevant in modern society. Then he said the same thing of the cell phone.
Times change and so do people and mentalities. It's just the way it is. In a lot of ways, there hasn't been anything like Facebook and MySpace, or even broader - the internet - to compare to.