No. The answer is no. Twitter won’t replace blogging or anything else. It is it’s own medium, one which I recently found was very helpful and decided was worth my time. But the idea that it will replace blogs is a little crazy in my opinion. Just like it’s crazy to think that blogs replace a well-researched newspaper or magazine article, or that the same article could ever replace a book. A tweet takes 60 seconds to write well, a blog post takes 30 minutes, an article takes a few weeks, and a book takes years.
Twitter is the ultimate instant form of communication. With that 140 character limit, you sacrifice a lot of things. It’s meant for quick statements and links to more information. A blog might not be as instant, but it has infinitely more potential as a content medium. And blogging as most of us think of it (timely, personal, unfiltered) has some great advantages, but lacks the thoroughness and checks/balances that a newspaper or magazine article goes through prior to being published. And the best magazine article you’ve ever read hasn’t had even close to the research and editing put into it that most non-fiction books have.
I am on Twitter, I read a lot of blogs, I read several magazines each month, and I’m always reading a few books. Each medium does things that the others cannot, and therefore it seems unlikely that any one medium will replace one of the other ones any time soon.