My MBA dissertation was about Word-of-Mouth marketing in technology, so I was interested to see how the Word of Mouth Marketing Association (WOMMA) is dealing with the influence of social media in their updated guidelines. Although their recommendations are aimed at US consumption, there are similarities to policies introduced by other organisations.
In particular, WOMMA is very keen on disclosure, recommending that incentivised twitter cmapaings include hastags such as "#spon," "#paid" or "#samp". In the UK, the IAB/ISBA Guidelines mention only "#ad".
For more information, I’d recommend the Marketing Law blog post on the WOMMA guidelines update.