I'm not sure if mainstream media will ever fully understand that news is evolving to a citizens based, contributory style journalism. The Internet community has helped reshape the way news is distributed and will eventually end the glory days of the media oligopoly.
Say what you will about Wikipedia, but it really does an excellent job with its wikinews. Is it perfect, no it is not. However, I would assert that mainstream media has had a fair amount of black eyes, and there are far fewer eyeballs checking for bugs in their processes.