Social links are great, but until we know about factors that define "authoritative" profiles, traditional linking will still be king. High trust/high authority domains will still pack a heavy punch in terms of ranking. The only thing I really see being extra-beneficial about Facebook and Twitter having an impact is the fact that quality content attracts regular links, but can attract FB Likes and Tweets even easier. To some extent, this update may level the playing ground for some websites.
If you are a website that produces quality content regularly, but don't actively seek high quality links through traditional means, this type of update may help you naturally surpass competitors who are actively link building through "regular" methods