Is Old Media Killing Itself by Blogging?

Interesting point implicit in Technorati’s new State of the Live Web: as newspaper and other mainstream media use blogs more, does the public’s distinction between traditional journalism and blogging blur further? And if that happens, isn’t it counterproductive for old media to adopt blogs, since it erodes their distinctiveness and competitive advantage? In other words, by using blogs to try to keep eyeballs, do they merely devalue their core product, namely news coverage with heavy investments and commitment in core journalistic values? As a newspaper wouldn’t it make more sense to stress their distinctiveness from bloggers — lots of trained journalists, lots of resources, lots of experience — rather than try the ‘me-too’ of blogdom?