No. It isn't.
The difference is that the blogosphere, while it has a high crap ratio, is self-correcting. Getting the mainstream media to admit a mistake is like pulling teeth. After Katrina, Lebanon, and many other examples of outlandish and outright false coverage, I would trust the blogosphere--as a collective, not a particular individual blog--a lot farther.
Note that a blogger raised this issue, but another one put it to bed.