We understand the hash is for AJAX searches, but the exclamation mark? Anyone know?
Also, the \"action\" attribute for their search form points to \"/search,\" but
To answer the second part then: It is redirecting you to /#!/search.
If you look at the response headers when going to http://twitter.com/britishdev (plug plug) you are returned a 302 (temporary redirect) with the Location header set as "Location: http://twitter.com/#!/britishdev"
Yes JavaScript is then pulling all your detail in on the destination page but regardless that is where you are redirected to.