Dennis Howlett notes that Twitter was a primary mechanism for the spread of news about the Bhutto assassination (and Doc Searls reminds us that it was used the same way when the California fires were raging).
You would have to be paying attention to an awful lot of Twitter feeds to find stuff, and filter out an awful lot of chaff. There are plenty of search engines that do just that for blogs though, and the same filters would work against Twitter feeds. It's one more source that any modern news service should be dealing with.
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