Eventually, each of them has the chance to make himself into an expert in his field. The journalism grad might also remember some stuff from her studies such as not to invest in companies operating in the field she covers, verify with several sources, try to get responses before publishing and so on.
I'd say that blogs are a huge disappointment exactly because they failed to fulfill the promise of reporting by those who know most. Instead we got reporting by the those who write most, which tend to be the Scobles and Arringtons of this world rather than the Cunninghams and Torvalds (Torvaldi? ;).
I think Fake Steve is among the sharpest commentator on this space, but he's completely wrong here, suggesting TC > NYT because something they threw out against the wall managed to stay stuck.