This is the theme of about 80% of the meetings and projects we have conducted in last 3 months.(and the last 3 months has seen much more of an emphasis on effectiveness rather than innovation). And the skill with us is how to communicate effectively to a client that a social networking programme is a really cool thing to do but how about getting their job board strategy, SEM programme, response management and careers site sorted as a first priority. And if i have a frustration, it is some of the nonsense that we in the industry talk about when we are dealing with clients seeking to reduce their cost per hire and improve recruitment and staff retention strategies.
Talking about Second Life and Twitter to clients makes us look knowledgable and clever but does not help most clients one iota (particularly at present).
And Yes - the best online campaigns and techniques can be both innovative and effective.