Here is a very good statement by web anthropologist Howard Rheingold .quoted from Futurismic, on the function of Journalism:
A smart mob is not necessarily a wise mob.

The technology itself does not guarantee peace or democracy. It really requires a literacy. It requires an informed citizenry. Journalism plays a role in that. Journalism brings to the people news they need to know about the workings of the State. And it helps bring public opinion to the policy makers to know that they cannot make policy that goes against the majority of opinions of the citizens.