I really like this idea of aggregation of Twits during an event. If you use #aa08 in your twit, yeah thats a microformat, your twit entry gets piped into a wordpress blog
Now one can see real time chatter across a single specific social media app being aggregated. Regadless, if you follow the person or not !! I wish they had also grabbed flicker URL and post them too, based on Tags like "oscar08" or something like that.
More important, is the fact that "collective streams" are now becoming a big part of today's world. People watch the Oscars, interact with one another and a whole tapestry of online civilization is formed around an event.