I think proper news organisations can capitalise from the web still - I think most people realise that bloggers can be just about anyone (competitors, marketers) masquerading, there's no oversight, so there's never going to be people getting all their news from blogs.
Newspapers just need to become web-papers that's it really (IMG:
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I think
BBC News is the best example of news moving to the web though just about every paper publishes it's articles online now too; telegraph.co.uk guardian.co.uk dailymail.co.uk etcetc