Why Twitter is not interesting to me anymore?
veerasundar.com
veerasundar.com
I have your answer: because this is a nice controversial title to post a blog under.
Answering your specific points:
1) Timezones: there's people posting on Twitter 24/7, yet this is perhaps your only half-valid point... Yes, if you're in a different part of the world twitter might be hard. But there are plenty of people in your part of the world on Twitter - try following more of them, or accept that people in a different part of the world will be less likely to post in your timezone.
2) Tweetie and the Twitter website both support this. Click on "in reply to" in your Twitter feed.
3) That's what ReTweets are for.
If you prefer conversations to context-free statements, Twitter has never been interesting.
Spam is what really stood out to me. The trending topics were littered with spam and I had bogus followers as well. I had hoped they would have cleaned things up a bit and added more than lists to the service.
2. "in reply to"...right there on twitter.com, and any halfway decent client.
3. Retweets and favorites allow you to recommend/rate individual tweets.
EDIT: swombat already posted these points before me :/