Susan Orlean, author of Adaptation and The Orchid Thief, wrote a great essay in the New Yorker about the "semiology and phenomenology of hashtaggery" as it relates to Twitter.
If you are a user of Twitter, you'll find this to be an excellent, funny and very well written piece. (I also like that she uses Sarah Palin as her example of choice.)
Read "Hash" here.
Thanks, Em, for the tip!