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The 2011 answer to this question is so much more positive and idealistic than the one I’m about to give :(
While the short-term life of blogging worked as a total disruptor to how news was provided, today things have evened out and returned to a status quo. Back then (1998-2010) bloggers and net entrepreneurs had no chance of getting real big money from the news they provided, so it was from the heart and with a purpose. Today, influencership is an industry. The more followers a net entrepreneur has, the more they can monetize and sneak in advertisements natively, the less difference there is between them and media conglomerates.
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