For the people in the blogging community, articles about blogging are beyond passe, and chances are you are one of those people, so please excuse this short digression. OK, consider this quote taken from an MSNBC article...
Dave Winer (who probably would be saying this even if he didn't run a company that sold blogging software), has formally wagered that by 2007, more readers will get news from blogs than from The New York Times.
Now, I do believe that eventually more people will read weblogs than the New York Times. However, more people will not get their news from weblogs for the simple reason that weblogs are not news sites in the traditional sense (and the traditional sense is a part of that quote by the simple fact that it mentions the Times as the benchmark). This blog that you are reading right now is not a news site, does not employ news gathering professionals, and does not attempt to be impartial (in fact, opinion and insight are at the core of this, and most other blogs). The idea that people would come here or go to Camworld for "news" (within the scope of the quote above that mentions the Time) is ridiculous. IMHO, that quote above is hype.
I would suggest that the sociological effect of weblogs will be borne from sites like Blogdex that will become Conventional Wisdom barometers.