The saddest thing about Twitter's path is that the tool is so good, but if they don't fix the problem you just described (brilliantly btw), they can be doomed.
All it takes is a critical mass of users to migrate to a clone, (which I assume is very likely if the company were to fail).
edit: why the downvote? If you disagree, let's talk about it.
I just can't see this form going away. A public-by-default, one-to-many microblog service has proven to be valued by a substantial userbase.
I have to think that the "next Twitter" could disguise itself as a sufficiently fresh take in order to gain enough trust from enough users.
(I upvoted you, btw.)
Joking aside, I wish there were some meaningful numbers around how many people (as a percentage of active user base) use it that way (live events) vs just seeing what their friends and/or favorite celebrities have to say.
Not so valued that they could charge a subscription to it tho', there lies the rub.