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Twitter is the first new tech thing that made me think: fuck, I'm too old for this shit.
The people I've asked about news sources say that they'd be more likely to believe in news coming from someone who actually experienced the event rather than a news report for a major corp. It's easier to relate to eye-witnesses rather than reporters.
With that in mind, I'd say that major corps will be filtering sites like Twitter for breaking news (and eye-witness accounts), but will have to justify whatever they find with more plausible facts before they release a story (because, well.. anyone can post anything, but that doesn't make it true), if they aren't already. Which I'd highly doubt, especially after the hype Twitter got after the Mumbai attacks.
It's very easy for the "SEO" minded online world to jump on key news stories with "fake" information knowing that we will all be searching for it.
I recall when Hurricane Ike was hitting the area, how nice it was to get various POV from people in the local area via Twitter. I really doubt an event such as a plane crash is going to be a breaking news event on Twitter because it is a random unknown event. However, if there is time to prepare for the event then I believe a place such as Twitter can be an invaluable tool.
Focusing just on one users followers are a misunderstanding. For the millions of users of Twitter, there is segment (typically PR and media types) that know how to scan these resources for live info. I remember searching for cell phone pictures on google and Flickr from the London train bombings as one source for information. During major news events (and even the football game today), I will spend time on services like search.twitter.com to see if there is anything interesting surfacing. This type of "crowd reporting" is just a fragment now but it will infuse itself into the way we all discover news.
Take this as a glimpse into the future.