So far, I'm enjoying puttering around on @ello. It's very beta and very clear that they weren't prepared for the influx of users. The fonts set my teeth on edge, and the non-standard ui decisions are a little challenging for me to adapt to...
But as @caretpi posted earlier, the main thing I'm looking for is to see if this becomes a useful tool and is adopted by ppl I care about following.
In general, I'm moderately hopeful. I can see this being a nice medium-twitter-flickr (don't say instagram, I have a hate for instagram) type tool. It's flexible enough for longer posts and well-suited for status updates and photos (and hopefully eventually video and other embeds?).
It's way too early to really know if this will take off. It's beta, it's glitchy. The creators are somewhat unknown. They might be secretly super evil.
(If I read one more post/article about how it's not built to make money, I might chew my hand off...um, it's not like twitter ever really figured that one out. And hello every publisher--even the esteemed NYT--hasn't figured out "monetization." <--Can I just stop to say how much I hate that word? </rant>)
Honestly, if ello turns out to be cool, and if they end up not using advertising dollars, the money will have to come from somewhere. Advertisers are kinda evil, but hey, free stuff isn't really free. So we'll see. If they stick to the ethos the seem to be setting up, this could be a cool sandbox to play in.
If not, meh, it's not like I don't have other social media accounts languishing all over the ether (anyone remember orkut?)...