I think of
Twitter as a mash up of
instant messaging,
IRC, and the web. It's a great tool for keeping abreast of the global technical sphere and a great place to connect with people from your local community. The flexibility of Twitter, it's growing user base, and it's APIs are probably what has accelerated its use.
A couple neat examples of the flexibility of Twitter that I've seen are:
What innovative uses of Twitter have you seen or do you use?