FollowFormation is technically not new, but it is still a useful tool. Their description makes it easier than retyping:
Followformation is a tool for novice users (we call them “chirpers”) to get started with following the top people in the categories of their interest, and top people in the cities in which they live in. You can call it Twitter’s suggested users feature on steroids
What is interesting is that FollowFormation uses other Twitter directories to build it’s categories and lists. So we end up with a tool built on other tools.
They also do not want you to use their system to game Twitter. They built in varying limits that change constantly and can block you from following more until the next day.
How do they make money? Easy. Up to 10% of names in the lists are paid placements. I still like grass-roots growth initiatives. I realize some look at Twitter as a pure marketing channel, but it is so much more. Non-profits and charities can get a free slot, which is a nice touch from them.
Followformation has a winter Olympics edition built for you as well. So they play ti smart and build categories around upcoming events.