It's like with the economy: if you stop believing, it'll fall apart. Still, I'm not sure what else is there. Twitter going down would see a lot of people migrating to Friendfeed, a couple perhaps back to Pownce or Jaiku.
True about the iPhone though. I don't have one, but I'm not aware of any microblogging platforms that are designed for it. Perhaps if the Google/Android or the Nokia/Symbian/Plazes thing takes off, we'll see a big shift there.
That said, I agree that Twitter was never engineered for generating traffic, and expecting that from it is an unrealistic position.
Of course, Twitter doesn't seem to be engineered for anything at all. It doesn't even seem engineered at times, so perhaps, if it tumbles (which I wouldn't like), what of it?

» WordPress 2.6 Available ... Last Reply: 5 months ago by JoeLencioni.
I was really stumped by this one. Didn't 2.5 just come out with a lot of oompah?
I just set up a site for my girlfriend - yup, still going strong, hence the recent silence ;) - and I'm not looking forward to spending time on this.
Sure, it's not rocket science, but think of Murphy. She needs the site to be live 100% from next week because she's got a booth at some big fashion fair, and all the press, PR and invites are about to go out... I think I'm skipping this, or at least waiting a couple weeks.
Although, I do like that Google Gears feature... and that quick post feature... and...
/*heads to wp.org and begins download*/
;)