I find I can spend a good hour a day on MySpace, Facebook, and LinkedIn for my own personal profile. I didn't even touch my other profiles such as Orkut, Bebo, Hi5, Mashables, Fast Company, and on and on.
Just making sure your account is logged into everyday and your profile is fresh is a lot of work.
Next I try to find new business contacts (friends), joing groups, and find other relative content and contacts to whatever I do.
I try to setup and kick off most social network account management contracts for clients so I get in tune with the area we are targeting and try to set the tone for the account management. It helps me give direction to the employee / contractor who will actually be implementing the daily part of the social media marketing campaign.
Really this could be a full time job for someone if a company really wants to have a big presence and connect with people daily, but I find at least a little time each week is what really matters.