there is part of me that is pondering just getting a phone for social media and browsing..
If you're not looking for high power, then mosey on down to the store and look at the HTC One X or the Sony Xperia TL for $99. Those should be more than sufficient for the next 18 months or so with dual core processors, big screens and solid builds. I think I would prefer the Xperia over the One X, but put them both in your hand and have a go. The camera on the Xperia is amazing if you and kosmette are sexting.
If you want to get about 2 years out of the next phone, it's going to cost you about $200. I would go with the following:
(1) Samsung Galaxy S III ($199)
(2) LG Optimus G ($199 - had they called it the Optimus Prime, it would have been #1)
(3) HTC One X+ ($199)
You really can't go wrong with any of those phones. I've owned an HTC and 2 Samsung's in my day, and this is my first LG. I can say that they're pretty solid devices. Give them a go and see what feels best and looks best to you.
Avoid any of the $49 phones (Nitro, Captivate, Escape, Focus, etc) - those are traps with a 2-year extension. You'll be hating life by next Thanksgiving. If you go with a 99 cent phone you'll be hating life by Independence Day.