Among those who dislike the term social graph is Josh Catone (at RWW). Among those who seem to like the term is Brad Fitzpatrick.
Personally, I find the term a lot less ugly than the image Brad used to illustrate his thoughts on graphing. So I was pleased to see Josh including in his post an image less ugly and more appropriate to illustrate this social stuff. I like the image so much that I swiped it. I like its name more than Josh probably does; the file is social-graph.jpg.