Techies will refer to Tumblr (short for tumblelog) as a microblogging platform
Techies will refer to Tumblr (short for tumblelog) as a microblogging platform. Teenagers may refer to it as Facebook 2.0. It's easy to see why this three year-old service has the potential to be massive in the months to come. First is the ease with which it lets users post content. Then, its ability to let users follow other bloggers (like Twitter), and like what they post (like Facebook). It also lets you 'reblog' content from another user's Tumblr.
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Given that this is a free service, it's hard to see how the creators intend to monetise. Also, considering the fickle beings we have all evolved into online, it's hard to predict how long its popularity will last until another teenager creates something gamechanging.
For now though, Tumblr is clearly on a roll. One last reason why you ought to consider it: Tumblarity -- a mysterious way of calculating popularity. Go figure.