It works if you have an educated populace that can sort the wheat from the chaff. That seems to be an issue, a very serious one, with the way information is now processed by the public. When Rush and Beck and Olberman and Maddow and the Huffington Post and other web based sources are treated as hard core news by the consuming public we have a big problem.
More and more and more I'm sent blog stories as fact, when the only fact in them is that the writer googled some data and regurgitated them, or repeated a story he'd heard elsewhere without any of the fact checking and other checks and balances that went into "hardcore" reporting of old.
So count me in the "I'm not sold on it yet" category of folks who view the blogosphere as a potentially great development that still mostly looks like a bunch of nuts on both sides swapping stories and rumor and innuendo.