Cleaning out my notes on blogging, here's a Time Inc. magazine editor I got to know in New York whose judgement I respect:

I think the blogs-vs-old media story is overblown, largely because when the media reports on itself, the hall-of-mirrors effect magnifies everything. That said, many blogs are a refreshing alternative to the stale and predictable punditocracy, but ... offer no real challenge to the meat-and-potatoes business of news gathering.