Serious, well-researched journalism cannot be easily replaced by blogs.
If you have access to a good library, go and pull a copy of 'The Times' from between 1900 and 1950. Compare the quality of writing and presentation with today's copy.
Not only that, the quality of content and analysis (as I am sure you realise Vince). Mass media coverage of almost every subject I have any expertise in is often incomplete, misleading or simply wrong.