To me, the only function the media serves is to give us the raw material. The other day, cable news did a story on a network reporter sitting by an oil drum with a laptop. He was going to upload directly to ABC News. I have the very same capability, but I’d upload to you. So we will see news come from a broader and broader base.
Update: Nice bit of synchronicity (or deliberately planned symbolism by the all-knowing evil geniuses behind PJM!): the biography of the man who gave us the name for the Blogosphere is appearing on the one year anniversary of the event that did the most to put it on the national radar–and set in motion the whole “pajamas” buzzword to boot!