Been playing with Twitter the last week or two. A short blog with almost IM like functionality. You can post from IM, website, or cellphone/SMS. Most people I have noticed who try it and are vocal on the web don't think much of the application yet, 'what exactly is this tool for' they ask. I think it will have definite purpose and use though the best is probably a few years off.

For now here is what it is good for...

Live event coverage - For example Tao of Poker does live blogging during poker tournaments or during a live news event, it's a tool where live first person blogging could bring distant events to life. If Twitter has a downside in such reporting it's the short message length which means more complex stories may have to wait for other media methods.

Movie Reviews - Evo has been exploring this functionality

The mini-blog/social angle that Evo comments on is definitely the part that will be the majority use short term, but I suspect the live event coverage in the future is where Twitter will really start to shine. Only time will tell.

My account http://twitter.com/Geistbear