Here's a quote (from Jay Rosen, head of Journalism school at New York University) about The Blog Effect:
"Blogs are undoing the system for generating authority and therefore credibility of news providers that's been accumulating for well over 100 years. And the reason is that the mass audience is slowly, slowly disappearing. And the one-to-many broadcasting model of communications--where I have the news and I send it out to everybody out there who's just waiting to get it--doesn't describe the world anymore. And so people who have a better description of the world are picking up the tools of journalism and doing it. It's small. Its significance is not clear. But it's a potentially transforming development... I like [it] when things get shaken up, and when people don't know what journalism is and they have to rediscover it. So in that sense I'm very optimistic."
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