Is technology creating a disadvantage for our children?

It is no longer a luxury, but a necessity, for today's youth to own cell phones, computers and other devices.  Many people look at these as a benefit for our youth.  You no longer have to go to a library to spend hours looking for a particular subject in countless numbers of books.  Parents are able to find out where their teenager is with a simple text message.  Social websites have made it easier to expand your social network and keep connected with more friends.  But are these things helping are children....or hurting them?
It is odd to think that the creation of social media would be a disadvantage for a teenager, but what happens when you no longer need to speak to your friends to stay connected?  You can now lounge in your pajamas, message all of your friends at once, while catching up on your favorite television show.  Teenagers no longer come to the door to pick up their friends, they text when they are outside.  Nevermind the fact that this is separating parents from their teenagers friends and social life.  It seems that even when friends are together, they are texting others more than they are talking to the person standing next to them.  Social media is actually making our children LESS social!  Can this really allow for our children to make appropriate and solid relationships with their friends?  More importantly, parents are likely to have more difficulties getting through to their teenagers when they have so many distractions in front of them.   
What about their education?  Many are probably thinking that it is better for our teenagers because they have all the knowledge on the internet at their fingertips.  This can be true, but anyone who has tried to decipher a teenagers text has to wonder about their spelling and writing skills.  They have created a texting language of abbreviations.  They rarely spell out a whole word and when they do, auto-correct phone features help them.  Do our children even know how to spell "laugh out loud" anymore?  Cell phones are largely being pushed into the age of the Smartphone, which will allow for your child to access the internet from their device.  They will, if not already, think it easier to google the answer than to read the textbook.  It is the generation of instant gradification and entitlement. 
Everybody has seen the headlines and worries about teenagers texting while driving, but what about the other things that these devices are affecting.  Is it safe and productive for our children to have access to these types of technologies?