As posted at thesocialsoftwareweblog:
First, the question should be: How many social network *services* are too many? The number of social networks themselves is infinite, and it's been that way for thousands of years. Social Networks are not web sites - they are relationships between interconnected people. Two social network services is too many because web sites should not define or limit (or duplicate) your social relationships. Social networks need to exist as separate entities from the services or web sites that facilitate them.