Twitter is my news stream. I use it to get the best news and information from people that I trust and admire. I barely even use my Google Reader anymore because I carry my Twitter with me everywhere I go.
I've been looking at Twitter as a new source. There are some breaking news people I follow and I get info pretty quick. I've also been playing with Tweetdeck. It's really great, but doesn't work 100% for what I need. I'm going to keep experimenting with Twitter as a news source. I don't think I'll ever abandon Google Reader, though.