Communication today

I had an interesting discussion today with one of my friends from the JFMF experience. We have kept in touch via our Skype lists and it brought about a chat of technology. He is younger than I am, by only 5 years, but we've joked often about this age difference.
I like to think of myself as being savvy with technology but I find something very impersonal about the IM generation. Technology may have made communication easier and cheaper for people far apart, but there's something missing. I am bothered by the concept of waiting for someone to write back to me as they finish whatever else it is that they are doing. I associate IM-ing with talking on the phone, although there isn't that clarity of hearing the other person's voice. However, it was explained to me that it allows people to multi-task.
I am realistic in admitting that when I am on the phone I may be apt to empty the dishwasher or fold some laundry, but it's still a one on one conversation. As I try this computer communication in the IM world I feel that there are often two conversations taking place at the same time. While one person makes a comment, the other person is making their own. This is like Christmas dinner at my fiance's house, everyone is speaking at the same time, so who's listening? While I am totally making light of this, I think it brings up some semi-serious concerns.
Maybe I need to adjust my thinking regarding all of this, and consider the perspective of my students. Aren't they all about the text messaging and IMing? Do they understand the complications of this? Does this behavior affect their listening and learning?
Are they only half paying attention to each other? Isn't that rude? Do they really work harder to communicate their feelings more clearly rather than leave their words up to interpretation? Does it really help their writing skills? I'm not so sure. At my own school I haven't seen any evidence to support that, yet.
What I did realize today, as we both made of good arguments about the subject, was that I actually felt old-fashioned in my thinking. I bet my students would agree.