Here's an excellent article on blogging and its impact on journalism from Microcontent News - Borg Journalism - We are the Blogs. Journalism will be Assimilated.
It states: Blogs relentlessly track down every scrap of news, assimilating it into the Blog Collective hive-mind with stunning efficiency. It doesn't stop there: individual blogs each add a small insight to the story, drawing on their personal experience and contributing to the conversation. Then the conversation takes over, exploring every possible implication and insight with a ferocity that astounds.