My faith in the "wait to be discovered method" diminishes each day. I'm considering submitting some of my work to some small publishers in the near future. It seems like that might be the Confucian "middle-path" solution to my personal Indie/Traditional conundrum. A small publisher loves literature and is small and scrappy and willing to take risks.
I'm also considering making an investment in copy editing, graphic design and purchasing a small quantity of print on demand titles to use as giveaways. A big problem with these online efforts is I feel they're not tangible enough to start word of mouth buzz. Maybe there's no substitute to having a real book in hand.
Regarding social media, whether or not I have a right to butt into the discussion and self-promote on places like Twitter, Goodreads, Facebook and StumbleUpon, it's come to my attention that what I do not know on those subjects can fill several hefty books (As I recently discovered at Barnes and Noble where I found several shelves of recently published books on the subject of Social Media Marketing.)