No panic, just having converstation about it! :) I think we can see it more like a service.
Seriously though, think how dependent a lot of people are on Twitter. I'm not just talking about us nerds who like tweeting links about CSS hacks, or the people who like to take photos of their food.
Here in the UK train companies use it to put out information on service status. News networks use it as their primary means of connecting with the audience. Hell, I have several friends who seem to conduct their entire relationship via Twitter. It's also become the go-to method of communication for people who want to get a message to companies.
Whether or not this is overkill, that's for individuals to decide. But I'm 100% sure that Twitter has outgrown itself.