Jonathan Kay of the National Post (Canada) is sure that we'll miss the old media when its gone. So sure he wrote a paean to how great the media is... and he missed the target by a wide margin on every point he made. Unfortunately, he took a good point and made a mockery of the truth of the matter with his wrongheaded reasoning.
In "You'll miss us when we're gone" Kay asserts that the media exists for "a genuine, altruistic desire for an educated citizenry" and hopes that predictions of its "imminent extinction" are wrong. He also claims that there are "certain kinds of important stories that simply cannot be covered, except by deep-pocketed traditional media organizations employing professional journalists." Aside from imagining that the press is at all interested in "education" he isn't too far off the mark here.
We do need the media, at least a media with "deep pockets" that can afford to cover things in some depth and at distance, the distance of the whole globe. Not too many bloggers and new media folks can afford to go about the world interviewing folks and investigating stories. Sure its a small world these days, but boots on the ground is an important thing to investigative writing. So, the old media does serve an important role. It isn't a role that bloggers and new media people cannot do, of course. But it is an important role nonetheless.