The big thing about Twitter, and blogs before it, was that it was supposed to "democratize" content generation. In "old media," there was a clique at the top of the pyramid -- celebrities, corporations, etc. -- that dominated all the content, and you had to get your news and entertainment from either them or not at all.
"You'll remember the Maine the way William Randolph Hearst wants you to remember the Maine!"
With Twitter, so the story went, anybody could become an Internet celebrity by coming up with humorous or insightful tweets, and gather millions of followers, bypassing the "media machine." So we took away the power of the restrictive media overlords forcing people to only pay attention to celebrities, and let the public choose who they wanted to listen to. Of course, fully wielding the freedom of choice to listen to any individual or organization they wanted to, the public chose to pay attention to celebrities.
Via Luke Ford
And the celebrities, of course, are mostly listening to each other. So sure, now Joe Schmoe has the infrastructure to get his message out to the whole world cheaply and quickly, and the whole world does not give two owl's droppings.
If you think that having 248 followers means that 248 people (or almost 248 people) must be reading everything you say, I have bad news for you. A Pew survey showed that almost half of all Twitter users basically don't read a single thing anyone else says (checking "every few weeks" or even less). Twenty-one percent literally never read anyone else's tweets.