I use it regularly and have several accounts for various things. I think you have to differentiate yourself from the likes of the Facebook status updates as it's kinda different to that in that you can choose whoever you want to get updates from.
I'd also recommend anyone getting a desktop app, such as Thwirl or Tweetdeck rather than use the website interface. It makes the experience much easier and more akin to using instant messenger than Twitter.
At the moment I mainly follow people for work purposes but for things like the Sri Lankan shootings it was a great way of keeping up to date on the topic. To put this 'on the pulse' in context, I went to see the Telegraph last week and they had Twitterfall (a hot topic Twitter service) running live on a bloody great screen in the middle of their news room so that journalists could keep up with what was hot, even before the newswire services got hold of things.