This feature is enabling you to organize the people you are following on your account. The best part is that you can group people you are following in different lists. You can call anything you want and you have the option to keep it public or private.
With this feature you can stream other people’s tweets without actually following them. You just search for people who you want to read their tweets, add them into your list and start to stream their tweets. You can even recommend to other users to follow people you are reading their tweets and you think other people should follow them too if they like. Your public list is open and anyone can see who is in there.
Your private list is just for yourself and no one can see it even if they are in your list. People that you wish to read their updates alone you can add them and keep them private. If you are in a business and want to follow your competitors you can now easily do that without them know that you are following them.
I personal manage 4 twitter accounts. With almost more than 200 active tweeters followers on each account it's impossible to read their tweets. But by using this feature I can choose what group I want to read at a certain time and this way I will hardly miss someone's tweet.
