Ninety-nine percent of all news stories linked to in blogs come from the Evil MSM (mainstream media), according to a Pew Center study. "The BBC (23% of all blog links), CNN (21%), the New York Times (20%) and the Washington Post (16%) combined accounted for fully 80% of all news stories linked to on blogs. Web-only sites, on the other hand, made up less than 1% of the links in the blogosphere." A more in-depth version of the study is here, with lots of info about blogs, social media topics, and the like. Worth the read.
The point? Net-only blogs and news sources have yet to generate the kind of reporting necessary to achieve some significance, some critical mass. They do well on commentary -- reactive rather than proactive -- just not so much on original coverage (though a few specialized sites such as Politico are getting there).