A lot of attention is being paid to the number of people "following" someone. While this is an indicator of popularity, I think this metric is the wrong thing to focus on.
While it's true that Twitter can be used effectively to spread a message (and possibly drive traffic to your blog), I would argue that what you can learn from others is, perhaps, more valuable. Of course, whom you follow is important. If you "follow" boring people, you will get inane information (what someone had for breakfast). But if you follow fascinating people -- and plenty are out there -- you can gain invaluable insight. I also like the diversity; for example, aside from the political folks I follow, I also follow MTV, the Redskins, etc.
I also believe that Twitter is, by far, the best social media tool for networking purposes -- especially when it comes to casually breaking the ice. While I love Facebook, it is a somewhat formal event to become someone's "Friend." On Twitter, however, following someone is easy. And once you're following them, it's very easy to start a "conversation" with them.
You can follow me at www.Twitter.com/MattLewis01. Let me know if you do, so that I can keep up with you, too.