As high on citizen journalism as I have been in the past, without the filter of trained journalists, it's essentially just noise. And blogs don't have the capital to put the resources on the ground that traditional media organizations are able to ... I fear that the whole system breaks down if newspapers and television media go under.
A million people with cell phone cameras is great, but not much of a fourth estate without trained, muckraking reporters. New media and old media feed off each other. I just hope one can adapt before the other sucks it dry.