But I think I'm getting the idea now. It's a similar idea to a typical instant messenger, except that since the protocol is standard, you have federation that actually works, much like someone who uses gmail can email someone else who uses yahoo.
Plus you have the concept of a channel, which seems to have no direct analog in a typical instant messenger, but seems to be essentially a persistent chatroom that doesn't vanish even if nobody is in the channel at the moment.
Is that about right?