Marshall and Eric McLuhan argued that an emerging medium is best understood by considering four questions or probes. They called these four questions the Laws of Media. Every new medium extends some capability, turns into its opposite if it grows too much, pushes aside other media, and retrieves some long lost activity from humanity's past. Exploring these four probes creates a kind of cognitive anti-environment, wherein the background become more evident and the medium can be better understood.
I think this might serve as a useful framework for thinking about twitter. Here is my cut at it.
What does the medium extend, enhance, intensify, accelerate or enable?
When pushed beyond the limits of its potential what does the new medium reverse into?
What is pushed aside by the new medium?
What does the new medium retrieve from the past that had been formerly obsolesced?
Marshall McLuhan and Eric McLuhan, Laws of Media: The New Science, Toronto: University of Toronto Press, 1988.
Mark Federer, How to Determine the Business You're Really In.
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