Valleywag sometimes goes too far, but the writers are often willing to tell the ugly truth about technologies, even if no one wants to listen. For instance, Valleywag was one of the few blogs to question the Second Life hype a few years back, while practically every mainstream media publication was gushing about all of the great business potential there.
Valleywag also highlighted some of the negative goings-on with Wikipedia under Jimmy Wales. Yes, some of the revelations were merely titillating but it also pointed to first-person accounts of alleged financial wrongdoing.
The media has an important watchdog role, and Valleywag's coverage, as flawed as it may be, sometimes goes where other reporters and bloggers fear to tread. Let it remain on Hacker News.