What is the point of Twitter?

After being on Twitter for a few months now, there is one main question that I have... what is the point of Twitter? To me, Twitter just seems like what a Facebook status update is, except Twitter doesn't do anything after that. I think that people should just stick to Facebook, as this seems to be the more complete social media system. I fear that Twitter is going to run into problems down the road because there is nothing else people can do on Twitter, so once people get bored, that will be its downfall. However, Facebook continues to add new "apps" that keep it fresh, and I feel Facebook will be better in the long run over Twitter.