While listening to episode 14 of the TuxRadar podcast, they had a not-quite-open ballot question on whether it matters to use free web services versus Free web services. The classic example is the difference between identi.ca and twitter.com
I've had my opinions about Twitter and it's role on the internet for a while as I've listened to folks like Tim O'Reilly tweet about why he uses twitter. Some analysts say because of it's "realtime" features, that it is part of the future of the internet. Most of these analysts though are listed on the featured users list at Twitter. Most of these analysts (and the TuxRadar crew) said the preference from twitter comes from a larger user base and that you can build a larger number of followers more quickly on twitter. What's the point of having more followers? Better conversations? No. More people listening to your broadcasts.
With the modification by twitter of the "mentions" to actually be strictly "replies" and hiding "replies" from the timelines of readers who don't follow both ends of the conversation, it becomes even clearer that Twitter is being designed as a 140 character blast fax service for those who like to pontificate. Replies to a tweet become even less valuable to the greater public discussion, because the default setting is to hide the replies from the public.
On the other hand identi.ca has become more and more about conversations. With the 0.8 release, the developers have even included views of comments in context, so with one click you can checkout a threaded view of the whole conversation. identi.ca also doesn't hide replies to third-parties and there is strong developer reaction against moves towards the twitter model. Why? Because most people on identi.ca find one of the best ways to find new people to follow is to who is participating in interesting conversations. If you follow PersonA and they make a comment to PersonB about a topic you find interesting, you never need a FollowFriday recommendation to check out PersonB. On Twitter either PersonB won't see the comment from PersonA because it's not a direct reply (so no show in the mentions section) or the reply from PersonA is hidden from all of his followers who aren't already following PersonB. The filtering/censoring of information flow by twitter makes it far less useful as a tool for conversations than other communications media.
The larger user base makes it a great broadcast media and thus the hot buzzword from marketing and VC types who fancy themselves as "social media experts". If you want to actually learn about the software and services, like xmpp or memcached or comet or rabbitmq that really are creating the new real-time web move your ass over to identi.ca and stop filling your head with the drivel of the hustlers and self-proclaimed experts at Twitter who don't have the technical expertise to actually give an expert opinion on any of these technologies.