I'm loving Moments. Look at the Democratic debate Moment before it's gone... In 5mins you can get the kind of video highlights you'd get from a typical summary report on TV, but with tweets from the campaigns and the commentariat mixed in.
The Lamar Odom collapsing story (and I hope he recovers) is a great example of what makes Moments different from Snapchat Discover. The moment is mostly tweets from NBA figures and teams -- something ESPN, Snapchat, circa and the NYTimes wouldn't be giving you. There are lots of stories where the best single source is going to be Moments.
I do wish it was more international, and curated with more of an intellectual and opinionated lens, though. I would absolutely love the Moments treatment of "Bollywood star vows fast until Kashmir is free" or whatever.