Meerkat has been moderately polarizing. While lots love it, some others don't see the point. I think Meerkat has much potential. I also think its functionality has room to grow. Meerkat has a very long runway for success, and it'll be maximized should they build on their current offering.
Due to Meerkat's ephemeral, "now" nature, I think its capabilities are somewhat limited as it stands. If I'm not on twitter or near a device when one is streaming, I totally miss out. I think that creates a barrier for the overwhelming majority who are NOT using their devices at any given time, and can not immediately dedicate attention to the stream. If I'm driving down the highway, sitting in a business meeting, or going for par of the 18th hole, I've automatically been reduced to only hearing about whatever may have been streamed at a later time instead of actually watching it myself.
I believe Meerkat has more up its sleeve. People want to be able to access content after the fact. Twitter wins this way. Even though Twitter operates within a "real-time" capacity, the content on Twitter lives forever which creates prolonged value for users. When Kanye ran on stage at the Grammys I went straight to Twitter to see the "instant replay" of it. Within minutes, Twitter users had aggregated an extensive offering of GIFS, memes, videos, and other content surrounding the incident. If/when Meerkat introduces similar functionality, I think it's reach grows exponentially. I think it'd be hugely beneficial for Meerkat to transform itself into a two-pronged application where users could enjoy live video when they are available, but also have access to a cache of streams even if they had a finite shelf life. Maybe taking a page from Snapchat's playbook where the content does not necessarily live forever, but users have the ability to cue it on their own time.
I think Meerkat could open up an entire world of new opportunities for brands and advertisers. I could see this summer's music festival season being transformed through Meerkat even in its current state. Festival-goers could have unprecedented, live access to their favorite artists before their sets begin. Brands could leverage Meerkat to essentially create live branded content. I think Meerkat creates a really big lane for brands to drive in.
I'm watching closely to see where Meerkat goes. I have to assume they have a stockpile of features ready to roll out and enhance the user experience. They're giving it to us little by little. This has been the case with nearly all of our sharing platforms, right? Meerkat will be just fine in it's current state, but I think the impact will be even greater once users are able to control the viewing window of content.
Update: Periscope. That is all.