Well, well. I read this poll from Rasmussen  and just had to laugh:
Fifty-two percent (52%) of Americans say they go online and use the Internet  every day or nearly every day, and most of those adults now find online reporting comparable to that in their local newspaper.
Seventy-four percent (74%) of these daily Internet users say that reporting from web sources is at least somewhat reliable while 69% say the same about local newspaper reporting.
Among all adults, 65% consider reporting from Internet news sources to be at least somewhat reliable. Seventy percent (70%) say the same about reporting from local newspapers.
In other words, the "new media", (including bloggers that have been so derided by the "old", "respected", "mainstream" media), are now in fact as respected as the inky stained wretches of the "press".
Maybe this partly explains the move on the part of the "mainstream" guys to transition to new media. That and the fact that they're going bankrupt.