As a social networking tool is is abysmal, inferior both to Facebook and that-service-that-shall-not-be-named-but-rhymes-with-Cry-Place. Those other services convey more information about the member, allow the member greater creative freedom, and support a wider variety of media.
As an information tool, it is redundant. Not only does it present little more information than mere headlines, but it provides so little latitude that even titles need to be abbreviated in some cases. So, any user who wishes to relay information must link to another site. This makes Twitter nothing more than a shell. A link depository. And, again, it provides no unique service. One can just as easily use Facebook or the-service-that-shall-not-be-named-but-rhymes-with-Try-Mace to post links or else the reader can simply subscribe to the millions upon millions of RSS feeds out there to receive headline links directly from the source.