Ask HN: Do you think the "democratic Internet" is over-stated?

A recent TED talk explaining YouTube virality says that tastemakers determine the initial spike in views. If a celebrity tweets or a journalist writes about a video, that creates the conditions for virality.

It got me thinking that, despite all the talk of a flat democratic Internet, the basic system of hierarchy (or oligarchy) from pre-Internet publishing and media is still fully in place. It's just that different small number of people determine what gets mass exposure.

What are your thoughts on this, particularly in regard to how it diverges from the public meme of a truly "democratic" Internet?