https://github.com/jamii/erl-telehash is a reasonably complete implementation (it's only missing rate limiting and auth).
After working on erl-telehash I have some doubts about the protocol details (although the overall idea still appears sound). I described how I would modify it at https://gist.github.com/1910754 but I'm not moving forwards with it at the moment (working full-time for now).
The other piece of the puzzle is REST in the UDP context, for that, CoAP looks really well put together: http://tools.ietf.org/html/draft-ietf-core-coap-10
I have a weekend project going to blend the two and make magic, but I haven't put enough time into it yet.
If the Twitter as an API group had won out the two best outcomes I can think of are either a buy out from Google, or a move to a foundation like Wikipedia. Google could afford to carry it, like it does Youtube, just so they could own a huge firehose of information and use it elsewhere in search ads, without trashing the stream with ads.
Needless to say founders looking to get rich wouldn't go for the low returns of the foundation model but it would have been the best possible outcome for the well being of the future Internet having and open, censorship resistant message bus and API, assuming you could get enough donors to support it.