You could read all that stuff on blogs, in the mainstream press, on the left, and on the right about the tango between blogging and journalism. Or you could watch this recent segment on The Daily Show. Longer than most segments, it really uses humor to nail the issues. First half summarizes recent examples of bloggers setting the news agenda (and the mainstream media's response), while the second half is a very funny commentary bit by Stephen Colbert. In five minutes it not only hits the major issues (mob psychology issue, main stream media playing catch-up, the power of emergent media...) but sums of the last year of this stuff in a pretty coherent manner.