It doesn't work for holding a mass conversation unless you are using something to thread out the tweets when you have a massive amount of followers.
One thing I really like about twitter is how it integrates with a lot of the other social mediums out there.
Ping.fm for example - posts your tweets to facebook, your blog, myspace, whatever, from one spot.
Now that nearly every site wants to know "what are you doing?" Twitter (and some associated tools) can be a great way for mass updates like that.
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