Hey, yesterday the NY Times posted a good article on political blogging.
"The news media helped create the modern campaign, and now they seem to be stuck in it. The bloggers, by contrast, adapted quickly. By the time the Republican convention rolled around in August, they had figured something out, staying far, far away from that zoo down at Madison Square Garden. They had begun to work the way news people do at manufactured news events, by sticking together, sharing information, repeating one another's best lines. They were learning their limitations, and at the same time they were digging around and critiquing and fact-checking and raising money. They still liked posting dirty jokes and goofy Photoshopped pictures of politicians, but they had hope, and more than a few new ideas, and they were determined to make themselves heard.
Also, for a lot on the future of journalism along these lines, I recommend Dan Gillmor's We, the Media
updateChris Nolan has commentary in her blog, recommended!