Adam Brault quit Twitter for a month and lived to tell about it. Social media has a lot of value, but I think one of the important things Brault observes is that it's even worse than email in terms of exposing yourself to constant interruptions that you derive some enjoyment from, but the fact that there are constant interruptions is a detriment to your mental and emotional well-being in other ways.
Lent is coming up in about a month, so I will be going on my Internet & Social Media fast in a few weeks. Because Neil is traveling, I won't be able to just close Tweetdeck & Google Reader for six weeks. But I'm definitely going to be cutting back on internet content consumption and "compartmentalizing it" until early April.
In a similar vein, if you write for a living, I strongly encourage you to write at least one article per week on pen and paper. Losing access to easy editing forces you to think differently, and, in my untrained experience, produce higher quality writing.