I think what a lot of people see in twitter is really it's potential or even what it represents and not it's current state of functionality.
It is really a lot like skype when it was first released in 98 or 99... I signed up the first week or month of public release and it didn't really work well and there wasn't really anyone I knew to call or link up with. I had a couple of poor quality conversations with people in Montana and Australia? I think... And I thought well, that's kind of cool, but so what?
Twitter, in my opinion represents the future of the web in a way that shows how we will be able to communicate and interact with people we know or at least those we trust. The web
There are several things that I would do to improve twitter and they need better tools to provide the ability to deal with monitoring anyone outside of my small circle of trust, but its a start.
Twitter is cool and will get purchased by one of the big players for millions. I wish I would have thought of it.