Twitter has become my de facto broadcast-all method of getting answers to web questions. As an interactive and social tool it's better than IM or dumping stuff to Facebook's updates. OTOH, it is, in the end, just another way to communicate.
I met Matt at a conference last year and have used Twitter to keep in contact with him and other professionals. When I tell people about Twitter, it seems like they end up saying, "So it's like your Facebook status, but with people you work with verses your friends." While that holds truth, it is so much more than that: keeping up to date with what others in your field are doing, and is very interactive so if you pose a question, you will get a good answer.
I'm on Twitter at http://twitter.com/hacool, but I barely use it. I find the 140 character limit restrictive, though as an announcement channel it could have uses in Higher Ed.
My primary social network is Pownce. I check Twitter and Facebook on occasion, but Pownce daily. Contrary to popular belief, Pownce is not Twitter with file sharing. http://www.pownce.com/cool/ (mixture of fluff and Web stuff) The ability to share files, links and ideas and follow a threaded discussion on a topic is invaluable both for networking and project collaboration as well as the entertainment value. Pownce gives me access to Web industry leaders such as Daniel Burka (designer for Digg and Pownce), connects me with interesting folks I'd not otherwise meet (one of my Pownce friends is a ship captain who runs a very cool blog for the maritime industry) and just interesting people with whom I can gripe about the weather, share silly videos or whatever.
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