Creating an index on the posted_at time may be harder than it sounds, with "tens of thousands of tweets per second" and a distributed database. The "within a second" approach (ie. loosening up the constraint of ordre) sounds pretty briliant to me.
Remember: Twitter is nothing new. We have done massively distributed messaging since the 70s. It's called e-mail.
Although it should be easy for client applications to sort on time instead of id, that's not what all applications do. Twitter chose not to break clients that sort on id.