Is online reputation management truly important?

There has been a lot of debate, whether the WWW, social media etc. play any role in corporations' reputation game. Well, here's some up-to-date stuff related to that from Reputation Rx site:

• Apple stock falling as much as 5% after a CNN-sponsored citizen-journalism site, ireport.com, published a false item from a user reporting that CEO Steve Jobs has been rushed to a hospital.
• Apple stock experiencing a $4.50-per-share drop and a $4 billion loss in market capitalization in just 6 minutes when the popular blog Engadget published a leaked, but fake, internal email from Apple Inc. that claimed the release of the iPhone and the company's Leopard server project would be delayed.
• United Airlines parent, UAL, losing more than $1 billion in market capitalization when traders treated an outdated bankruptcy announcement as a new development.

About our book: Some nice blurbs

Pekka Aula and Saku Mantere’s book Strategic Reputation Management integrates research, theory, ethics, detailed cases, practical guidelines and innovative thinking. The authors show how communication, relationships, and a rich conceptualization of corporate life are all central to developing and sustaining the Company of Good. This book should be required reading for any student, teacher, consultant, executive, employee, stock analyst, or citizen interested in the complex issues implications of strategic reputation management.
Ronald E. Rice, University of California Santa Barbara

The book goes beyond easy appeals to do good. It recognizes real dilemmas between the good of shareholders and the good of other stakeholders. Its tough style will challenge and engage readers, at the same time as offering them practical strategies for doing their best in what is, ultimately, a hard world.
Richard Whittington, Said Business School

[Strategic Reputation Management] moves the concept of reputation management away from the simplistic notions of communication professionals who use the term and beyond the limited view of reputation, communication, and public relations common in the strategy literature. It convincingly argues that public relations (communication management) plays a central role in strategic management when it builds relationships with stakeholders, represents their interests to produce a Good Company, and ultimately creates value for the organization through the value of a good reputation.
James E. Grunig, Professor Emeritus, University of Maryland