What twitter looks like to me, is a way to follow and appreciate brands, to tap into their stream of consciousness, to experience the
themness in a way that just has no appeal to me whatsoever, and it goes a little deeper than I don't care what Taco Bell or Justin Bieber thinks.
There is no brand/person that I find so "interesting" that I would want to "follow" them. Whilst I do have a twitter account, I used it to log into an airport wifi once; I don't follow anyone I don't know.
I even find the word "follow" uncomfortable, maybe even an anathema, as it suggests that I'm not as good as they are, and yet another something to confirm their brand celebrity.
Now I appreciate not everyone is trying to be a brand on twitter, and if someone could have multiple channels I could subscribe to, then I might be able to monitor someone's business world (but of course, I have LinkedIn), my family and friends' pictures (which are all on Facebook or Google+), and even seek advice for things to do and places to eat (like on Yelp, but just kidding, I use Facebook for this as well), all inside Twitter, but that's simply not how it's set up.
Indeed, the only suitable use seems to be the thing I have no interest in whatsoever.
So maybe I just don't understand how twitter can be interesting or useful, but if it is just another celebrity/gossip magazine, or some kind of entertainment news/television replacement, then it's stagnation shouldn't be surprising: There are plenty of players in this space, and there will be another.