It's actually just a good old fashioned marketing degree and, just like good old fashioned marketing, they've used a couple of key words to get people's attention.
As far as I can see, it's not teaching people about Facebook etc but teaching people how you can use stuff like that to add to the other marketing tools.
Given the response they've got, I'd say they do a pretty good job of marketing themselves :-)
Remember that the Telegraph, like any other newspaper, will pick out the parts that make for a good story. There's likely much more to it than is in the article.
Having looked around a bit it does seem very basic.
Now on the other hand if they were to introduce the theories of psychology behind social networking, and the algorithms which can be used to define, describe and influence such networks they'd be offering something immensely valuable. I'd be tempted by it myself.
Just to correct the thread title, it is not being offered by Birmingham University - it being offered by Birmingham City University - which was formley known as UCE!! :confused: