Regular readers know I've never engaged in serious (as opposed to tongue-in-cheek) blog triumphalism. And, while I haven't written about it all that much, I think the idea that bloggers will replace reporters is just a bunch of wankery.
But, I think it is true that bloggers, much like political talk radio, are a threat to the influence of the punditocracy. And, in the net that's a good thing. I don't endorse a system in which a few select individuals are granted license to pontificate authoritatively on an infinite number of subjects. Breaking the oligopoly by reducing entry barriers, even if doing so doesn't improve the average quality of commentary, has value in increasing diversity of commentators if nothing else.