I never lie in order to gain a social advantage. I think if you do it you are at risk of losing some self esteem, because you will not feel appreciated for your true self but for your fake one, which will make you doubt your true self is worth anything.
Besides, chronic lying can be very difficult to keep up with, I have known people who did lie very frequently to make themselves more interesting and after some time everybody knew and expected them to lie whatever they said.
I think lying can be acceptable only when it is done in a very limited way in order to cope with a potentially humiliating situation, to preserve a minimum of dignity. For example, asked during a casual conversation about what I normally do with friends on weekends, I might tell a couple of things that I do, without specifying if I do them alone, thus implying that I do them in the company of friends. That is a minor lie in a way, but a necessary one since it would not be appropriate, in most cases, to start explaining that I have almost no friends at all.