I think the utility of this is highly dependent on what you're trying to do with the API. I was playing around with their 'My Connections' sample application a

I think the utility of this is highly dependent on what you're trying to do with the API. I was playing around with their 'My Connections' sample application and while it didn't return all of my twitter followers (and people that I follow) it did return all of the people that I interact with the most. This culling of 'deadwood' contacts is of tremendous benefit to some of the projects that I work on (and somewhat replaces the need for me to build my own model of how connected people are within a network).