There are a lot of situations where one bit communications can make big changes. Sending a voltage down the wire to the 'launch' relay on some missile will do a lot worse. In the end, any actuator anywhere is going to respond to just a single bit changing state. So we're in violent agreement about that.
But to reduce the available bandwidth to nothing when lots is available has me puzzled. Twitter found that reducing the number of characters (by necessity, rather than by choice) launched a new medium. I can see how taking that to its logical conclusion (from 840 bits to 1 bit) may create an entirely new mode of expression.
At the same time I fear it will not leave them with a value that is is 1/840th of twitter, that '1' is perilously close to a '0'. In that sense it is like 'pair', which tries (tried?) to be a social network for 2.
Maybe someone should come up with a 0 bit medium?