Twitter?

OK, Do you Twitter?
I'm intrigued by the service but not convinced. It's like having my IM status messages available to the world (but Twitter's bug that won't allow AIM update submissions right now is thoroughly ticking me off). Does this mean I have to sound more coherent?
I can see it being uber-handy if I were still a breaking news reporter, but I'm not.
How can this tool be useful to me or will it become yet one more Facebook-esque time-suck that gives me the illusion that my busy-ness is somehow worthwhile?