This is a rambling document and good in parts. I have Responded here. (You can add your comments too). I am a member of the Institute, I have two books on online PR, have published a number of academic papers and I teach the subject as well. I was even the 1999/2000 Chair of the CIPR Internet Commission.
The Chartered Institute of Public Relations has just published its draft (PDF) for consultation of its proposed code of conduct for social media. I will comment more fully once I've had chance to digest it.
My thought before it was published was - why do we need a separate code, we already have one for CIPR and its principles should apply to social media. We don't have a separate code for media relations, event management, internal communications, newsletters, video or dozens of other PR channels and activities.
I think there is a need for the CIPR to get the 'social media' thinkers and do-ers together before it ventures out of doors again as recommended in 1999.
So far we have a blog that does not seem to have a strategy; a CIPR blogger who seems it's OK to jump into people's social space and this document which is thrown together.
My recommendadtion is: Stop digging!