Earlier this week I went to lunch with Ashlee and Cade from The Register and they were telling me about this giant story that had been in process for weeks. The story "Wikipedia black helicopters circle Utah's Traverse Mountain" is a wild-ride of Wikipedia editing, stock-shorting and false identities that is more like a bad Sandra Bullock movie than it is Web 2.0, but that's not my point.
My point is that for all the naysayers who say that journalism is dying thanks to blogs and social media there is still clearly room for real journalism--the kind of writing that requires research, editing and legal checks.
The blogosphere spends the majority of its time commenting on things that other people write-- which is why despite the plethora of content the majority of it is crap. Even here on CNet both Matt Asay and I have found that the pieces we write that are more in-depth and take longer tend to not get as many hits as the ones that ride the trends. I can only hope Steve Ballmer calls Apple users communists over the weekend to improve my traffic.