Yes, Twitter is a source of journalism — mathewingram.com/work
http://www.mathewingram.com/work/2008/11/26/yes-twitter-is-a-source-of-journalism/

chaotic situations result in poor information flow — even to the “professional” journalists who are working at the scene. First-hand and second-hand reports on Twitter are no worse. Should anyone take them as gospel, or the final version of the events? No. Obviously, at some point someone has to check the facts, confirm reports, analyze the outcome, and so on. News reporting and journalism are much more of a process than they are a discrete thing. But as I have tried to argue before, Twitter reports are a valuable “first draft of history,” and that is a pretty good definition of the news.

Globe and mail online journ writer