This is what it looks like and so far all I can figure out is blue squares are you, orange are your friends, and gray are um.. gray. You can click on squares to see the tweets of others. What is the point? Beats me.
Twitter also launched something a little more useful. Have you ever wanted to see a list of all the third party twitter apps in existence all in one spot? Then check out the Twitter Fan Wiki which categorizes apps into distinct categories for your exploration. I guess that is why they launched everything mentioned in this post at http://explore.twitter.com