First off, I +love+ the new list feature that's coming to Twitter. Last week more than 1,000 people were randomly added to a beta of the new feature. What does it do? It does a few things (TechCrunch wrote an article about the new feature and has screen shots which show what it looks like):
It lets you put the people you are following into lists. (I have several lists, for instance, one for photographers, another for tech executives, another for my most favorited Twitterers, and another for programmers).
It lets you see a feed for each list. The feed is made up of only the people on that list.
If you are the person who made the list you can delete or add people to the list.
You can block the user of any list.
You can subscribe to any list, which will add it to your home page and other places.
You can later delete any list.
You can later rename any list (that's pretty cool, although renaming does change the URL of the list).
On your home page you'll see a few changes:
You'll see a new "listed" item. That tells you how many lists you have been added to.