Peter Daou's written a really interesting piece on the media triangle that blogs are now a part of. It's a good corrective to some of the blogosphere's more fantastical boosters, but beyond that, it's a really good analysis of the interplay between blogs, the established press, and the political mainstream.
Looking at the political landscape, one proposition seems unambiguous: blog power on both the right and left is a function of the relationship of the netroots to the media and the political establishment. Forming a triangle of blogs, media, and the political establishment is an essential step in creating the kind of sea change we've seen in the aftermath of Hurricane Katrina.
Simply put, without the participation of the media and the political establishment, the netroots alone cannot generate the critical mass necessary to alter or create conventional wisdom. This is partly a factor of audience size, but it's also a matter, frankly, of trust and legitimacy.
Give it a read.