Campaigns aren't dead. Shiny objects aren't dead. Strategy isn't dead. There's room for everyone.
While it's true that your brand remains bigger than the individual campaign, campaigns showcase elements of the brand that ignite and inspire social. Social is part of the mix, ideally the marketing mix not just the communications mix. However, as a member of the marketing and communications world, social is subject to campaigns.
The New Social-Campaign Golden Rule: Communities are built for brands, campaigns are built for communities.
When communities are built around brands the community will live across campaigns. Engagement within the community is subject to the mutual interest of the brand and their constituents. The brand would be remiss to not engage the community around the campaign.
While viral videos aren't a good idea or a marketing strategy, there's nothing wrong with a good old fashioned shiny technology or fun promotion. As a matter of fact, there's a lot to be said for testing and succeeding even if there isn't yet a long term plan. Promotions are a great way to drive a lower funnel business objective or build a sizable audience in a short time-span. Just make sure you're attracting the right buyers and the right audience by carefully shaping your promotion.
Social, mobile, gaming, location, heck, marketing at all in today's world... this is all new. Nobody has all the answers. It's more than ok to test your way in. Just don't test your way into a committed relationship if you aren't ready to reciprocate.