For another, it means that the mainstream media would be wise to cultivate relationships with bloggers, rather than attack them. MSM newspapers should encourage bloggers to link to stories, and teevee news stations should make their stories and video packages easily linkable.
UPDATE: Michael Silence says that Bill is comparing apples and oranges. That's right (and he's using Alexa rankings, which I regard as somewhat dubious). But I think his bottom-line point still holds, and in fact I think Michael agrees with that, too.