I was just reading about a new website that is in Beta that is using the Twitter model for Press Release-type announcements. The site is called QuickNewsBits and it uses a 160 character model. The website shows the Facebook and Twitter logos so there must be some reciprocal servce involved. What I did learn is that unlike Twitter this will be a fee-based service to use and they will also give you the opportunity to find a reporter, which allows you to see a list of which media reps are subscribed to their service.
I signed up and logged in as an employee of one of my clients so that I could look around. I checked to see who some of the reporters were and I was listed as one of them. I will report back in a week or so to let you know what the deal is. If anyone else wants to give it a try, search for QuickNewsBits. I am curious to know what kind of SEO value can be gotten out of this.