For me the benefit of Twitter is access to its social graph. I still don't personally see the benefit of Twitter as a communication channel. It is amazing for mining connections between people. In this respect I've found it an invaluable resource.
It definitely shines as an ad-hoc organizational tool - from it's original coming-out party at SXSW where we all found a new way of figuring out where the best (or shortest lines for) parties were, to massive protests in the Middle East and beyond.
The days of caring about every person's every move may be waning, but I don't see Twitter becoming less relevant. Its original Big Bang of instant information dissemination for large loosely organized groups is still hugely important. Or so it seems to me.
