What twitter offers is very different to any social network experience; they combine the concept of quirky journalism to promote conversations and sharing of experiences first hand through networking rather than the painful "Add to Friends" strain.
I must say that twitter's simplicity is their biggest competitive advantage, the day they try to make this any more sophisticated may spell their doom.
And as for the long debated monetization of twitter I don't think there struggle will be any different than facebook's; social media clearly needs a business model and twitter isn't alone in this area.

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