A few years ago, the micro-blogging community was not big enough for a second player. Now it is, and Twitter will change or be overtaken by a more compelling alternative.
The simplicity of Twitter was once its strength, but like any technology, it must grow to meet the demands of its users. Facebook added chat, photos, a compelling platform, etc... Twitter is dead in the water right now.
Who wants to remember silly @handles? There isn't even a directory of official Twitter handles for companies.
Private group message applications are sprouting up everywhere - Twitter is just plodding along unaware that this is a huge need.
Who wants to see hideous bit.ly links instead of actual content?
Is 140 characters really the future? I doubt it.
Are third party services really necessary to embed media? Do users really need to figure out how to tape together 10 different services and clients to get a good experience?
Twitter needs to grow up, or it will die. And it will happen quickly - less than two years from the day a serious competitor gains steam.