I can also see how it would be useful in gaining new sources for
stories, especially in the middle of a breaking story. You could
have, for instance, searched for people who were Tweeting during
Katrina and gathered all sorts of useful information and quotes.

Here are some things I have gathered from the web:

1. Good way to spot and follow trends
2. Again, it is searchable for interesting keywords
3. Good way to build a good list of sources to follow
4. It is way to make journalists seem more human to their readers,
sort of different from years ago, but very suitable in our social
media world. Journos don’t need to get TOO personal, but a few
personal tidbits here and there will help keep readers connected.
Not a bad idea in today’s media world.
5. You can even use Twitter to send out breaking information: a
wreck on I-95, something unusual at a city council meeting, etc.
6. Not only can individual journalists use Twitter, but the paper
can create a persona or just use the newspaper’s name, and send
update information to followers — who are likely the younger group
you are trying to reach — about pop culture news you get on web
feeds or breaking news.

So there you have it. I think it is worth looking into. You can follow me at

http://twitter.com/newsdesign