The first "quantitative study on the entire Twittersphere and information diffusion on it" conducted by the Department of Computer Science at KAIST University in Korea confirms that Twitter functions more as a broadcast news arena and less as a discrete social network.
One particularly interesting nugget is the estimation that "any retweeted tweet is to reach an average of 1,000 users no matter what the number of followers is of the original tweet. Once retweeted, a tweet gets retweeted almost instantly on next hops, signifying fast diffusion of information after the 1st retweet. " This seems to reinforce that Twitter network behavior is more about the content and less about the people.