Microblogging service Twitter seems to be on the up. Following the replacement of CEO Jack Dorsey by fellow co-founder Evan Williams on Thursday; Twitter’s backers have announced that new revenue models will be unveiled in the first half of next year.

It has long been a contentious issue as to how Twitter is going to make any money to keep itself afloat, and is a question that still continues to be bandied around in cyberspace, with well-meaning folks making all kinds of suggestions.

With a current estimated value of $80 million, it’s on a near level-par with Facebook, which has dropped considerably in value in the last couple of months according to unspecified reports. Twitter has been spending the last few months remedying the not-uncommon service-outages with which it was regularly plagued, making the famous fail-whale into an iconic character with its own cult following. These outages were a positive sign for Twitter; showing a huge demand for its services…And Twitter has certainly grabbed people’s attention: Wired.com even estimated that Twitter will eventually top the 1 billion figure and continue growing.

In his article on the subject for Silicon Alley Insider; Henry Blodget makes an interesting analysis:-

"Why is Twitter different than the 9,000 other Web 2.0 companies that are intending to figure out a revenue model eventually? Because people are obsessed with it.  Don’t forget that this company was founded last year.  Google wasn’t anywhere near this ubiquitous in its second year, and neither was Facebook."

With the economy in the current state who knows what may happen? Overall though, it appears that the future for Twitter is bright. What do you think? Greatness or collapse? Maybe something in between?