I only signed up for Twitter because Android didn't have a good Facebook app yet, and it was easier to update my status through Twitter. I echo everything Tony just said.
I currently follow a bunch of people from the tech industry, so you'd think I'd see some interesting stuff. Nope. I'd break it down as follows:
90% of the posts are @ replies to things other people have said, requiring me to track down whatever that person said, but that only takes me to the other person's page, not the comment they made.
5% of the posts are self-advertising, notifying people of their latest podcast or article or whatever.
1% are retweets.
The rest is actual original content, but most of that is the usual stuff people make fun of Twitter for. Like "this is a great ham sandwich."
So out of 100 posts, I'd say that only one is interesting or informative.
Lastly, I really don't see how Twitter is an efficient means of social networking. It's such a kludge!
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Matt