To me, this is the way it should be. At least at first.
On one hand you’ve got established, traditional news media outlets that provide professional and quite often excellent new coverage of local, national, and intenational events. The reporters will often have great insight, key access, and substantial resources to report on news.
On the other hand, you’ve got a slew of amateur citizen journalists that, despite their lack of direct experience and resources can still show a lot of skill in investigating and reporting news.
An unfortunate part of the Wisdom of the Crowds/Cult of the Amateur argument is that both carry legitimate weight but neither side is willing to give the other the proper credit. CNN is helping solve that with the launch of iReport.com.