Does Twitter Have Actual or Perceived Value?

I will preface this entry by saying that I love new technology, new marketing outlets, new opportunities to reach out to potential customers. Having said that, I think it is time we all took a good, hard, REALISTIC look at Twitter.

Twitter introduced to the world the concept of micro-blogging. It offers the opportunity to send short, frequent updates to the myriad of "followers" you have acquired throughout the site. Here are the shortcomings I see from the site:

1. The Epitome of Self Indulgence

For most of the users, Twitter leads you to believe that all of your followers care what you are doing at any given moment of the day. Updating us that you just got off the bus, are heading to Starbuck's, and then off to your first meeting of the day isn't necessary breaking news, or anything that we care to hear about. I often wonder if Twitter is just fertilizer to individual egos. "Oh, I just found a dollar on the sidewalk! Where's my cell phone? My followers must hear about this!"

2. More About "Followers" Than "Following"

To me it seems like Twitter is walking down the dangerous path that MySpace ended up on. Rather than creating valuable connections where info, notes, updates, even jokes can be passed, it is becoming a contest of who can collect the most followers. It is basic Twitter etiquette that you follow someone who has decided to follow you. But what percentage of your followers are actively engaged in what you are posting, and what percentage are just upping the number of followers to gain notoriety in the Twittersphere?

3. What Are You Getting Out of It?

My biggest concern is this: while the functionality of Twitter is fascinating, and I myself explore its possibilities, I again and again run into the question of what am I actually getting out of Twitter? Is this expanding my network of professional relationships? Is this going to help generate leads for my organization? I ask these questions frequently, and keep coming back with "no".

I do see some Twitter-ers who are using their accounts in a meaningful way to interact with others, and maybe that will evolve and make the site more impactful. But as of now, I worry that it is nothing more than an online popularity contest.

What are your thoughts? What have you seen? Does Twitter have long-term potential or will it fade away?