Blogging is the New Journalism
Blogging and Podcasting (collectively known as "PAJ" - Personal Area Journalism) are slowly but surely rendering the big production houses obsolete.
The entire News/Op-Ed industry is migrating to a freelance-type, report-as-you go content model.
The Blogger is the new "reporter," in the sense that he/she writes about what is happening around (or to) him/her.
The Aggregator is the new "Editor-In-Chief," in the sense that its search engine relevancy rankings are largely responsible for determine whose content is consumed by the Internet-at-Large.
Granted, a lot of the content out in the Blogosphere is completely vapid and useless, but some of it is extremely topical and/or very well researched.
And we are finding that in many cases in today's world, Bloggers "on the inside" can go to and/or report from places that the mainstream media houses can't (or aren't willing to) access. The current unrest in Iran is a good example of this: Even the U.S. State Department requested that Twitter postpone a systems maintenance cycle so election protest-related "Tweets" wouldn't get lost or bounced while the service was off-line...