While I don't use Twitter myself, I can understand the appeal of it. Yes, it can be used for pretty frivolous things, like telling the world what kind of soup you had for lunch, but there are also plenty of creative and interesting uses as well.
For example, let's pretend that we are all on Twitter, and that all of us GRM-ers keep tabs on each other. I could be in my garage, and in my frustration, post a tweet about how I'm having one hell of a time replacing the top on my Miata. Everyone here would see my tweet; perhaps some of you will tweet me a response, giving me some advice, or if I'm really lucky, offering some help.
Or perhaps you are going to the Challenge, and your car or tow vehicle breaks down. You tweet this to let everyone know that you might not make it. But then, someone else sees your tweet and offers some help so that you can make the Challenge.
I never thought much of Twitter until I saw a friend use it to solve a problem. You can unobtrusively ask a question to a lot of people and get a response. Or have a discussion. Or share something cool, like a deal on race tires. It's like your own personal message board that follows the people and ideas that interest you most, accessible almost anywhere and instantly.
While I don't have a Twitter account, I do follow a couple of friends with RSS. RSS is basically an online newspaper-like subscription. In my RSS reader, I have subscriptions to various car blogs, friend's blogs, Twitters, online comics, and most importantly, any Craigslist posting within 130 miles of me that contain the word "Miata." I can keep tabs on a bunch of stuff without having to visit each individual website.