Lot's of chatter happening round the blogosphere regarding Twitter, between Forrester's Peter Kim and Jeremiah (also of Forrester). I've described Twitter as a "conversation ecosystem" in places like BusinessWeek and Markekting Profs because of the way it works with multiple touch points. I've tried to explain Twitter visually:
I've speculated that Advertising could rear it's ugly head (it didn't—not as I thought it might)
And I've even called it the Crocs of the Web...
But I've ended up here: Explaining Twitter is an act in futility unless the person you explain it to understands the intricacies of social networks (saying conversation ecosystem is a bit abstract to someone not participating in online conversations). But, then it's up to them to investigate it to see if there is a business or personal application. Personally, Twitter works for me + so does participation. If you want to see how I use Twitter—here I am.