Paul Armstrong, the driving force behind @themediaisdying on Twitter, writes about the shifting sands in Business Week and identifies some priorities for media.
Principally his advice is: "Give the audience what it wants, how it wants it, and then offer a hook. That may be exclusive, unique content or a reason to use your interface over others. This could also be design, portability, sharing functionality, whatever. Media, get into our daily routines any way you can and make sure you stay there."
He sees the evaporation of the subscription/advertiser-supported model and the need for a replacement. The starting point shouldn't be "we've gathered what we think is relevant and organized it," but "what might we gather for you."