Citizen journalism anyone? Here's online newspaper that said to be the first of its kind. South Korea is running Ohmynews.com. With open source style reporting, 80% of the content is submitted by average citizens and some freelance journalists. It has gained attention from politicians as well. The newly elected president gave his first interview to Ohmynews. It's a Korean website with 2 million visitors a day, but there is also an international version (http://english.ohmynews.com/). Interesting enough, the project failed in Japan.
Could something like that gain similar status in the US? I've seen some similar sites, but would never expect the next President to give his first interview to any journalist working on those sites. It's even said to have influenced the vote, though I'm not sure how accurate that statement is. Maybe it's because South Korea is a small country. It's also the most wired country, with 70% of citizens having access to high-speed internet.
Newsweek article
http://www.msnbc.msn.com/id/5240584/site/newsweek/