Like others, the primary activity is messaging to your social network. You message to all your friends or public like others, or directly like typing "D Username" in Twitter at the beginning of a message, but also lets you select a subset of friends. Beyond messages, you can share links, files and events. Beyond doing this on the web, there is a Windows or Mac rich client.
The digerati and diggerati will probably rant away about how it doesn't have SMS or IM integration like Twitter, how the content is mundane (same thing with blogging five years ago), how it needs APIs and microformats (which it does, and hooks into Twitter, del.icio.us, Flickr, Upcoming and Facebook are inevitable), or just complain about adding friends again (Adding friends is the new zen). The design is slick on both the web and client and they will polish up key details like last names, comment threading like Jaiku, permalinks and need a more public space to explore.
What does it matter how one comes by the truth so long as one pounces upon it and lives by it? -- Henry MillerBut here's the three trends:
YASMS Gets and Ad Format -- I admire startups that launch with an actual business model. They have introduced a new Ad Format, a message broadcast into the stream with the Pownce icon (the green P in the above screenshot is an ad from PBwiki, I love wikis) that doesn't seem to persist. I didn't mind the ad fromSuggest a Correction
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