After last Tea Time things came together in a new way for me. Hearing Ev speak and putting together some of the smaller things that Twitter does, it really strives to be a personalized news network. This means Twitter is a lot more like me turning on the TV to watch the local news and the reporters telling me only the news that is interesting to me - "News of the future" in a way. I see this expressed in the terminology like "Follow" vs. "Friend".
Prior to Friday, I did see Twitter as another social network. But if you treat it like a news company, Facebook is not the main competitor. I also don't think that you could say traditional news networks are "competition" because at 140 characters, Twitter is content-poor and relies on 3rd party sites to provide content. In that case, their growing integration with CNN makes more and more sense.
Conclusion: Facebook is for friends, but get your news on at http://twitter.com
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