Business 2.0 has a commentary by Om Malik:
Weblogs, which started out as online diaries, have morphed into reporters’ notebooks. The information is raw — and perhaps unpolished when compared with news from more established outlets — but it is nonetheless news.
I think what we are seeing is the rise of a new kind of news network, thanks in large part to technology. Average Joes and Janes are now armed to the teeth with technology that can capture and distribute news almost anywhere. A smartphone like the Nokia 6630 has more processing power and is more connected to the Internet than a circa-1995 PC. The high-speed connections, coupled with easy-to-use newsreader software from startups like FeedDemon maker Bradbury Software, Ranchero Software, and Videora, make it a breeze to gather and read all the news in real time.