What's up with ths social networking thing?

I've been spending a lot of time researching and trying out new web tools in preparation for the podcasts I'm planning for this year. It is absolultely mind-boggling to see how many companies are out there trying to be the next big thing. It's also amazing to see how many of these technologies are free - I'm assuming their goal is to become mainstream and then to be bought by Google or Microsoft or Yahoo.

One large component of these new tools are social networking sites. I have to admit, I'm a pretty private person and I don't do a lot of social networking beyond my friends and family, so these sites are a real mystery to me. For example, there is a VERY popular site call Twitter. (You know a tool has hit the big time when dozens of other developers are creating plug-ins to expand the tool.)

In a nutshell, Twitter is a microblog (I believe that's the correct lingo) which allows you to tell your followers every boring detail of your life. So I have two questions: 1) Are the mundanes details of my life interesting? Most Twitterers are like me and sit at a desk working at a computer. Do I need to broadcast when I go to lunch or whether I'm going to meet friends after work (can't I just do those things and not publish it to the world?) 2) Does anyone really care about these things? The goal of Twitter is to get others to follow your life. How many of us lead exciting enough lives that others would wait breathlessly for our next tweat (Twitter lingo for post)?

So, is there anyone out there who's into social networking? What sites do you use? Can you explain the allure?