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Social bookmarking has some impact on search engines. i can even see that google webmasters tool itself has a section for "Social". But i am not so sure about social bookmarking process. any one has got any articles links on that ?

Facebook should be included if you would like to make your site popular. But the most effective way to promote your site is still SEO because the specific search words giving other an overview and a summarizing of your site and makes it for them interesting.

Facebook is one of the way of collecting traffic on any site,it is one way to do SMO(Social media optimization).
SEO(Search engine optimization)

Seo for a website and a facebook page are two entirely different things. Apart from a few very specific products, facebook pages will do very little for your business.

Well, we can't actually compare SEO and Facebook. Having a Facebook account can only help you in promoting a certain site on for your SEO tasks.

I think facebook is NOT separate from SEO. There is also off-page SEO which example are backlinks from external sites. I think that Google may count Facebook and twitter mentions and attribute your site better rank for organic social mentions in my opinion. If you check woorank.com social is very important SEO metric.

For seo purpose social media sites really helpful for to gain a good traffic

SEO is a practice to improve website performance in search results of search engine, and in other hand Facebook is a social media platform to markting your service or product.