You bring up many great points. However I would hope you would end up on something better than The Oreilly Factor.
The blogs can be a powerful factor. I keep a small diary on the website. It is amazing the effect it can have. A small issue with the Solid Waste Authority and code enforcement in my area wasn't getting much attention until I put it on my site all of the sudden the issues that had been neglected, were now getting attention. However attention doesn't mean resolution.
What I like are the blogs that bring up the details that the media doesn't. The fact that despite what FEMA was saying, not a lot was being done for the residence held up in shelters and other areas after Katrina.
I like the groklaw blog. It is a site run by a paralegal and one of the cases it has been covering has been SCO vs IBM. It has been showing how SCO has been deceiving it stockholders and clients for years. The case is interesting because it was suppose to be the first real test of the GPL. As the case progressed it was discovered that SCO was being funded by M$ through third party companies and that none of the claims SCO made had any basis. The media when the case first opened were praising the david vs Goliath mentality of small SCO vs huge IBM. The finanicial magazines were all throwing golden laurels at the feet of SCO and it's board. The stock shot through the roof.
Well there are some real GPL fanatics out there (they need prozac in large amounts in my opinion) who were saying the equivelint of "where's the beef?" No one really paid much attention to the fanatics. However when a paralegal started researching all the items released in discovery, it pretty much started to come to the emporer has no clothes. Futher research reveiled stock price scams that caused the company to get delisted.
The case is still in court. I am sure the judge would like to toss it out but can't yet. This will probably never make the mainstream media despite the fact that it has some far reaching implications.
This is an example of where a blog has been great. I think I tend to be a fan of the well researched stories that don't make the mainstream. The coke bottle fiasco was another one. It should have received lots of attention but never did.
I remember the hearings that took place where the senator came in and shut off all the microphones. Unless you watch cspan or read the blogs you really didn't hear a lot about this but it was a great episode of politics.
So while the blogs are a powerful item, they don't always produce a finished product. I still have issues with the SWA, the sco vs ibm case is still pending and the media today is reporting how we may live to be 150 years old. I don't think I want to live that long.