I personally have doubts about the ability of a crowd to create content (in general) of the quality that one dedicated person can. Look at the creative output of a committee for a broad example.
I would be shocked if "the journalist" ceased to exist as a source of journalism.
But where does the journalist get the story from? Talking to the crowd? Stitching together bits from a multitude of sources? Putting an interpretation on it?
I'll leave you with this tidbit.
He says a metro paper's blog network should pull in 90 MM pageviews a month.
In Chicago the #3 biggest content site does 1.6MM pageviews a month.
Where do the other 88.4MM pageviews come from?
Absurd.