Now this isn't to say traditional print media doesn't have it's problems. I know that for a fact; they are hidebound, full of dinosaurs, and keep pushing to an aging customer base (middle aged and older, plus married couples with children are my best customers) and are struggling to figure out their place in the world. That is more due to corporate stupidity than irrelevance of the medium itself. The Lawrence World has proven that newspapers can be fresh, relevant and current in the 21st century, while maintaining a print and digital identity.
The market now isn't in passing out AP wire stories about Obama's latest speech, or the oil spill in the Gulf. It's about providing in depth coverage of LOCAL news, LOCAL issues, and LOCAL events. The Internet is providing the best medium for major stories that appeal to a large audience. National news bureaus, and those who produce stories to journalistic standards of facts and sources can quickly push major stories. But local newspapers are still your best source for covering the issues that matter little outside of a given community. The trick is getting both the industry and the public to recognize this fact. In the meantime, it's quite a painful transition for everyone.