I think the following Penny Arcade comic pretty much sums up my feelings on Twitter:

It's not that I don't "get it".  I completely understand the value of a microblogging service when used correctly for things like live coverage of events and quick answers to questions.  But for the life of me I can't find a single tweeter who uses Twitter in this fashion without diluting their tweets with the terribly mundane minutia of their lives (made all the worse since the tweeters I am interested in following are all software geeks who, in general, lead boring, geeky lives that I really don't care to keep up to date on).

Unfortunately, the usefulness of Twitter relies heavily on the threshold of tweeters you're willing to follow.  And therein lies the rub.  You won't find much utility from Twitter unless you're willing to deal with a lot of garbage tweets.  But the more garbage tweets you have to deal with, the less useful Twitter becomes.  I suppose there may be some sort of happy medium where you can both actively participate in the Twitter sea while keeping your head above water, but I can't seem to find it.