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If we look at NationBuilder, can we see the underlying interactivity structure?, the best practices carried out for social media interaction?, security measures? and all the things we need to be able to hnadle to ensure smooth communication to serve our purposes of social media interaction with CiviCRM?, We should answer these questions and decide what to copy from other platforms that have implemented such functionality.
Since CiviCRM always integrates with a host CMS and those CMS all have SM tools available as add-ons, I think it's a good idea to focus on where CiviCRM can contribute something new / special to the mix rather than implement things already available through existing plugins / modules for CMS.
If you haven't seen it yet, check (OP) Siddharth's post
One more caveat, learned from bitter experience with the SM APIs - they change all the fersplunking time, so be prepared to spend plenty of time staying on top of them. Look forward to following the progress of this project.