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Well, it does have more utility than the Pet Rock. It's used essentially as another promo forum eg. upcoming concerts listings, announcements, etc. (no different than celeb facebook and myspace profiles, just a different presentation of the same info). I guess instead of logging into facebook you can just check out the Twitter URL of your celeb without having to login since twitter doesn't require registeration, or see what a friend is up to.
I don't use Facebook, so I don't know if it originally had the ability to update status message using mobile phone, which is what twitter is all about, so that may have been the essential difference. Micro-blog from anywhere using your phone.
I don't think Twitter is going anywhere, but the hype around it and general interest in it will probably nose dive. But I could be underestimating people's narcissism. I think a lot of it has to do with people who have never known what 15 minutes of fame feels like, and this a way to create the impression that people 'out there' (the 'followers') are actually interested in what they have to say or what they're doing. Truth is, nobody outside their circle of friends who they already correspond with is actually reading any of it.
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