I couldn't disagree more. I don't see any sign Meta understands what made Twitter great, and the fact that they're heavily branding it with Instagram, using Instagram logins etc suggests to me that they're just looking for another angle to vacuum up user data. Maybe I'm unusual but the accounts I follow on Instagram and Twitter do not have a huge amount of crossover so the fact that their onboarding process tries to replicate your Instagram social graph makes me feel like this will replace Instagram posts composed of Notes screenshots rather than replace Twitter.
Not to mention, when was the last time Facebook successfully launched a new standalone social app? Remember Poke, their Snapchat clone? If you do you’re in an exclusive club. They had to pivot the entire Instagram app in order to compete with Snapchat and Twitter isn’t a big enough threat to ever justify doing that. I think it'll get merged into a "text" type of Instagram post eventually and otherwise killed off.
Side note, but:
> There's massive pent-up demand for an alternative
I actually don't think there is. Twitter always had a relatively low number of users compared to other networks. The key (and what Zuckerberg covets) is the cachet of it being where journalists and celebrities break news.