That's awesome! I find it funny I've never thought to graph a Twitter conversation before...but I suppose that would require thinking about Twitter. Which I avoid.
Simple discussions are easy to follow, but complex and extensive discussion are really, really hard to follow. Charting them like this is the only way I know where you can trace over discussions and make sure you catch everything.
I get involved in a lot of large discussions, and extracting and distilling the knowledge is important to me, which I why I start with the chart, then have tools to navigate over it, cull the useless bits, and retain what's important.
If you cultivate and curate your connections, Twitter can be a brilliant source, but the interface is atrocious.