NYTimes Exec Editor Bill Keller speaking on blogs and the MSM:

“At the moment,” he said, “the major press is under attack from ideologues on the right and left.”
Keller also sees “blogging,” or online writing that blurs news and commentary, as a mixed blessing. While he celebrated the blogger’s ability to uncover breaking news, he noted that a blog’s inherent bias might be detrimental to the reader. “A blog is still a view of the world through a pinhole,” he said, noting that it can sometimes fall as low as being a “one man circle jerk.”
“There is a pressure to feel well informed without ever confronting an opinion that confronts your prejudices,” he said of blog readers.