
According to Hitwise Singapore, YouTube is the current market leader in the Social Networking & Forums online industry with 16.61% share of visits for the week ending 16 February 2008. Friendster followed with 12.96% share of visits. Google Trends shows a similar result:

I agree too. I often saw advertisement on Facebook and YouTube. Many SMEs advertise on Facebook (though I did come across one SingTel ad the other day) and companies like M1 and Nokia advertise on YouTube. Some examples:
Ad on YouTube (Nokia N82):

Ad on Facebook:

Ad on Facebook:

Which platform works best for you? First of all, it got to be consumer products. And, use tracking analytics to find out.
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