If they're really going toward content, I think Moments is a good idea with a questionable name. Something like Super-GoogleNews could eventually evolve, Sprinkle a little recommendation engine over and you got yourself a custom page full of wordstuff.
I agree. Add in the proper personalization and some kind of Twitter-unique algorithm that almost serves as a voting system (perhaps based on favorites, retweets, replies, etc), and you've got yourself a Reddit replacement. Which could be nice, now that Reddit has decided to become a censored safe place and it's core users are leaving.