Twitter as a Reporting Tool?

When Twitter erupted early last year I described it as an annoying social chatter utility, eliciting an objection from my 20-something assistant that merely reinforced my point. But now I have to agree with Jeff Jarvis that the application, that allows you to broadcast your IMs to a network of subscribers, can be a good tool to report a big, rapidly breaking story -- live blogging accelerated. But broadcasting the banality of your life? Spare me.