The Media's Future?

This semester I am taking a class that is about Journalism. We're looking at what makes a Journalist today, and styles of writing etc. Yesterday in class we discussed the question: what is the future of media/journalists?
Some ideas our group came up with was the notion of backpack journalists evolving. I posited a scenario of Blogs evolving from what they are now, where in perhaps ten years from now, everyone will have a blog, just the way most people have email addresses. (This is not taking into account third world countries with no access to technology). This idea has a person who has a blog of some sorts, and roams around the world, much like a freelance journalist. However, instead of submitting stories to different publications, hoping that they are accepted, they submit their work to their site. The world of blogging has become much more advanced. More traffic is directed to different pages, and using the ideas of capitalism, those who have much to offer will be successful. Income is generated by advertisements within the site, thus ensuring the roaming reporter is able to make a living.
An additional question is how many people seek out the news? Will the world then become a place where the only news read will be what the individual deems worthy and therefore would people become so self absorbed they would ignore what is happening around them? Would the world become one big tabloid?