In a heterogeneous world, whose record is one newspaper even in the position to preserve? And what group of individuals, no matter how talented or dedicated, would dare arrogate to itself so godlike a role? If you rely on The Times as your only source of news, you are buying into the conceptions, attitudes and interests of the people who put it out every day. It cannot be definitive, and asking it to be is a disservice to both the staff and the readers. I mean no disrespect to The Times, but what discriminating citizen can really afford to rely on only one source of news? And can't all discriminating readers contextualize what their newspapers (or television stations or radio hosts or Web logs) tell them?
There seem to be more and more articles in the mainstreem media (like the ABC News weblog; I've lost the link to the article) admitting to media bias. When they think about it, they will come to appreciate sites like FR for relieving them of the burden of trying/pretending to be objective.
You may be interested in this thread analyzing the perspective of journalism.