Not yet.
I think right now this is aimed more toward, as an example, the blogger who is pitching the diet aid de jour and is hiding the fact that the manufacturer is paying him to say it.
Newbusters is wrong about "Shouldn't the same standard apply to journalists reporting the news?" though. It's a slippery slope to start investigating the blogosphere and if they start doing it with something that seems in the public interest such as advertising it is a shorter step to shutting down the "hate website" Free Republic.
A libel jury determined that the Boston Globe had lied about a criminal matter involving Massachusetts Governor Ed King, then in a primary battle with Mike “the good” Dukakis, who put the lieing in Brookline. They didn’t award damages, since they determined the lies didn’t hurt him (?), even though he wound up losing the primary to the Duke. The plaintiff had to show “actual malice”, that the Globe knew, or reasonably should have known that the stories were false and the jury found that they did. I hope they die.