FR and the blogosphere are bringing the wonders of decentralized decision making to the media.
Before, a few organizations could control the media as an oligopoly. They may not have been a monopoly per se, but with the same political views and emersed in the same culture the result was almost the same. But now there are hundreds of independent decision makers judging stories.
These new newshounds are every bit as bound by their own biases as the old guard, but there are so many of them, approaching the news from every possible angle, that in the end the decision to cover a story centers around its objective value.
This, BTW, is also, basically, why capitalism is a superior economic system to socialism.
You're exactly right. Fred Hayek would love this.