Interesting article about PressThink: What's Radical About the Weblog Form in Journalism? A "Bryant" in the comments section makes a good point that is missed by the article: "Weblogs are a technology. Journalism is a process. As the sidebar here demonstrates, the process of journalism can use the technology of weblogs to good effect."
I've yet to see much journalism done on blogs. I see two things: essays and commentary. I guess that's journalism in a sense, but it's not all that you look for in a newspaper or a television news show.
The blog has unlimited possibilities in journalism. For instance, some person in West Haven, upset about the administration, could start attending meetings and reporting on what he sees in his blog. This would be journalism (although, most likely tinged with commentary, but that's no different than say The New Haven Advocate.) Actually, I'm hoping to see more of that kind of thing.