In this interview with WebProNews, Rand Fishkin of SEOmoz says, essentially, Twitter is cannibalizing the Webs link graph, and its doing so in a disproportionate manner for more social media forward industries.

Although Fishkin does not believe the link graph is disappearing completely, he says its growing faster in the social Web than it is in the blogosphere. Google is also picking up on this trend and is paying attention to tweets. According to Fishkin, people can calculate Page Rank with the Twitter graph in the same way people do on the Web. He thinks Google is working with this concept now and expects to see more from them in this area.