That's a pretty narrow view of Twitter. He doesn't use the word "search" once. If you are not using Twitter search on specific key terms then you are not using Twitter effectively.
He doesn't mention hashtags. A great example is back channel discussion for an event, meetup, or conference. For example, you should be following the #leanstartup hashtag.
He doesn't mention breaking news. I heard about the Chinese earthquake, Iran revolution, and Michael Jackson's death on Twitter.
RescueTime says I spent 2 hours in Tweetie last week. I easily derive value out of that time. (A chunk of that time was following the #Canucks hashtag while watching hockey.)