Reading the State of the News Media 2007 report in more detail, one of the really interesting conclusions is that:
While journalists are becoming more serious about the Web, no clear models of how to do journalism online really exist yet, and some qualities are still only marginally explored
Currently most models for news online fall into one of three categories:
Aggregators of other people's content (Google News, Daylife.com); Social functionality around news, including self generated content (Newsvine, Digg); and traditional news organisations migrating online (BBC, Guardian, New York Times, - and I would include Yahoo in this category given the way they operate). The boundaries between them are grey and some are trying to integrate the characteristics of more than one category - but there is no compelling site which delivers all three as yet. (Anyone got any money? I have a few ideas...)
The report goes on to talk about the impact on journalism more broadly:
Our sense remains, too, that traditional journalism is not, as some suggest, becoming irrelevant. There is more evidence now that new technology companies have had either limited success in news gathering (Yahoo, AOL), or have avoided it altogether (Google). Whoever owns them, old newsrooms now seem more likely than a few years ago to be the foundations for the newsrooms of the future. But practicing journalism has become far more difficult and demands new vision. Journalism is becoming a smaller part of people’s information mix. The press is no longer gatekeeper over what the public knows. Journalists have reacted relatively slowly. They are only now beginning to re-imagine their role.
I think it's right that we are only just beginning to re-imagine the role of journalism in the age of online information.