Well I used to hear people say they didn't have time for email, but I haven't seen any evidence that it's stopping people from using it - and they are still saying that email takes up too much of their time - and they are still using it.
Some good comments on this post Real People Don't Have Time for Social Media - ReadWriteWeb with some suggesting that the question is not about how much time people have, but about how useful or worthwhile using social media is. It makes sense to me that it is all about ROI (of time) and that social media should not just be seen as something new that must be fitted in with everything else, but something new that is probably going to replace some old ways of doing things.
Getting a feed reader set up has allowed me to become far more informed about developments in my profession and well and truly ahead of the game in terms of professional reading than I could ever bother to be when I had to go hunting around websites and e-journals on a publication by publication basis.
My advice is to try, decide what works best for you, drop the stuff that doesn't have enough ROI and look for ways to embed social media into your way of working. eg. Logging into your blog and writing there is not very efficient. Add one click blogging tools to your browser, feed reader or desktop.
Probably a good idea to get an online community you can join, it's much quicker to ask your buddies/friends/contacts the best tool or way to use it than try to figure it out for yourself.