How much time do you waste online?

Thanks to Forbes (and Megan for forwarding me this article), today I discovered Not Working, one Brit's solution to social networking addiction. The simple gadget tallies up the time you spend at work, but not working, and the associated $ value lost to your company. I'm not sure how I feel about this for a few reasons:

1. Time spent online is not necessarily wasted. Social networking, used properly, can increase one's long-term value by exposing them to new people, opportunities and ideas and deepening their ties to others. I firmly believe these activities add substantial value to one's self- and employers.

2. Productivity is factored into one's wage, especially if a salaried employee. And if employees stop "wasting" this time, will employers fairly compensate them for the added value? Perhaps a better interpretation is that the user's "wasted" time valuation is the value they assign to their free time and long-term investment in social networking. I see an enterprise app developing from this that can help companies price overtime packages and set productivity-driven bonuses...

3. You could be working during hours otherwise spent online, but should you? Is the end goal of life to be a workaholic who spends every possible moment producing?

In short, this tool has some built-in moral assumptions I'm not sure I buy, but I am curious about it's practicality in helping to enforce discipline during times the user deems it necessary. So I'll test it out and report back.