It's just like X, that's true! It's a veritable post-modern social networking tool. It combines the best of email, IM, web pages, blogs, wikis, and whatever you didn't think of yet...into a new domain for expression.
Yes it's chaotic, yes it's underpopulated as an information space, and yes some of the parts don't work completely yet. But I'm telling you that this will be the Twitter of next year. It won't replace or supplant Facebook or Twitter or LinkedIn. Each of those has a purpose. This is the tool that will begin to solidify the trend for convergence.
All of those things will begin to come together among the waves! Get someone to invite you. If you're a person who loves to be there first, this is for you.