Coming from a journalism background, it's easy to understand some of the fears the old folks have regarding the blogosphere. The sad fact of life is that 90 percent of that fear comes from a combination of a) fear of what they don't understand and b) fear that they will be rendered obsolete.
That being said, it's not so simple as to just shout "Blogs are totally awesome!!!!!!11" when it's obvious that there are flaws to any process with few to no boundaries. There is, honestly, a value to having fact checkers, editors and accountability.
Of course, that also tends to filter out the fun and, most troubling, the courage from what you can write. Either way, the statement that
Check out that clip (thanks Pensblog for pointing it out) from the belly of the beast itself, Deadspin. It's a must-watch clip for anyone with even a passing interest in blogs.