Was great, though very addictive. The internet wasn't very well known, and not many people were online, and it was very common to make friends all around the world. I travelled and met a lot of people all over the world through IRC. I remember quite a number of people starting relationships and having babies ( many of which would be late 20s now... crazy).
I remember in 93 when tanks were rolling into moscow getting live updates from people who were there. Was a glimpse of the future yet to come around major world events.
Slowly more and more people started turning up on IRC, new IRC networks appeared, people started to perfer networking with people in their local country or local state.... then later mostly people in their local city.
Then it started to die off with the rise of the web and alternative chat software.