You can still get RSS/ATOM feeds out of the two most popular social networks, it’s just not reachable through a link anywhere.
Here is how to build up your URL to access your RSS feed of status updates for both Facebook and Twitter.

To get an RSS feed for a Facebook page, use this URL:

http://www.facebook.com/feeds/page.php?format=atom10&id=XYZ
changing ‘XYZ’ to the page’s id and ‘atom10′ to ‘rss’ if you prefer ‘rss’.

To get an RSS feed for a Twitter user, use this URL:

http://twitter.com/statuses/user_timeline/XYZ.rss
Or: http://api.twitter.com/1/statuses/user_timeline.rss?screen_name=XYZ
changing ‘XYZ’ to the Twitter user’s id.

As of today, May 31, 2011 — these work.
Good luck :)