I feel this platform is very cool and can fulfill many niches along with Meerkat. For example, I could learn/communicate from/with an expert on a subject or just hangout with someone famous (Kevin Hart). I even watched an entire wedding (from planning to the event to the after party) thanks to Amanda Oleander (I think she's the top Periscoper right now).
Personally, it can also broaden your horizon, especially for shy people like me. I'm using the platform to learn broadcasting techniques and to showcase my artwork (@artJutsu). I'm horrible at it, but I feel I'm getting more comfortable with my public speaking because of it.
When you broadcast you are LIVE and have to think on your feet to keep things interesting. This is much different than non-streaming social media because you can create the most perfect instance of yourself/business.
I would love to see how this product develops further. I don't think it will be a replacement for Youtube or Twitter, but more of an enhancement of your current social paradigm.