No, it's not. RSS is a way to make sure you don't miss stuff from authors who produce new content relatively rarely. Twitter drowns such content in a torrent of crap.
For me, Twitter is neither a useful communications channel, nor a social network, nor an information discovery method. I find it aggressively useless -- picking signal out of the 140 character noise is net energy negative -- whereas I find enormous amounts of great information via Reader.
A world with Twitter and without a decent RSS aggregator is a poorer one.
My main use case for Twitter is to find out whether other people are experiencing/noticing something too (and if so, what's the scope). For example, a site outage, or something that is happening locally such as a power outage.
Indeed. I use both, but for quite different purposes. Twitter to get sense of what is going on right now and RSS to keep tabs on my favorite blogs, some of which may post very rarely. Twitter just has too much noise to be suitable for the second purpose, and tends to lose tweets after a few days. Also not all blog authors tweet, but every blog I know has access through RSS.
Exactly. With Twitter, it's impossible to make sure I've at least glanced at the important stuff. With RSS, I can go through my list a couple of times a day, and know that I'm caught up.