Eric Engberg, a self-acclaimed 'mainstream media ("MSM") journalist' states (via Slashdot) blogging will never replace mainstream journalism. His conslusions are based on the 2004 US elections and the many mistakes bloggers made. Two things: I don't think they will make the same mistakes again, and I don't think we should look at blogging as a replacement for mainstream journalism. Both (will) have their place, although there will be overlap, and thus, friction.
"One of the verdicts rendered by election night 2004 is that, given their lack of expertise, standards and, yes, humility, the chances of the bloggers replacing mainstream journalism are about as good as the parasite replacing the dog it fastens on."