Successful storytelling is much more. It involves conversations and participation. It involves a brand embedding itself into communities that are important to them. It's when consumers develop a new language around the brand, and the brand embraces and learns it.
Short and well articulated point of view about the many pitfalls brands are falling in to as they rush to execute "social media" in the absence of a broader marketing strategy, and without considering how it fits in to a vision of the brand as a whole.
Truth is, I think we lack tools and models for how to integrate the marketing pieces together (including social media), let alone how to effectively facilitate the organizational shifts that need to occur to ensure that it no longer stays in a silo. Right now, I'd say we're mostly just making it up (which could be good, just makes it harder to be repeatable or consistent).