Let me basically endorse what Yglesias says here while adding a couple of things. First is that the existence of an actively hostile and partisan/idelogical media on one side of the political debate tends to push me much more in the direction of abandoning the current model of journalism we have.
The second point is that while it's true that UK newspapers don't aspire to that particular model of journalism, the BBC news empire does, so the UK does in fact have the kind of institution Tomasky discusses.