Hi adyitya. 
Thanks for the feedback. One advantage of the public stream over youtube, is that you can discover new movies and immediately retweet them to your friends. It's actually like twitter's public stream. I think the search in the public stream in Twitter is very powerful and that was our reason to implement this feature.
Too bad the MyTV stream doesn't work for you yet. Hopefully this will change soon. It does indeed depend on the people you follow.
Thanks for checking tweetz.tv, we're very eager to get feedback. We want to create a useful tool, with these critiques we can make it better!
So what do you guys think, do you see value in the public stream?