"If you listen closely, tuning in to the conversation beyond the oft-expressed contempt for mainstream media, you'll find the blogosphere actually needs mainstream media. We provide most of the coverage that starts the conversation. And by carrying the conversation further than we do, the blogosphere makes mass media vital.

The bloggers are demanding better standards and less bias-not unreasonable demands given journalism's current track record. But they're also creating stimulating and often irresistible discussion around the news we produce.

Journalism tomorrow, thanks to forces like the blogosphere, will grow more competitive. The best journalists will flourish. The mediocre will be exposed and washed out."
http://www.findarticles.com/p/articles/mi_qa3771/is_200504/ai_n13498906
[Link from http://www.instapundit.com/ ]

This is true in the short term, but the blogs will rely less on MSM because the blogs will increasing become the source of news. Blogs are simply faster and better. It's all about the media saying about the need to break the story or perish. Blogs are faster than light and there are just going to get even faster and more organized. They are going to give the customer of news what the customer of news wants, because they are the customer.