That certainly is one theory. The evolution of the internet, talk radio over the last decade of course being the factor.
But also consider that we may only be seeing the MSM at half propaganda speed -- not operating up to its full propaganda potential. Remember, how much in control the Clinton's were of the MSM up until 2000. Assuming that they retain that control and that they still have the same media contacts, do you really think that they'd be going after the Republicans in 2004 at full tilt when the a Clinton's wasn't running. More likely they would wait until Hillary is ready to run.
Also remember how the MSM was relatively quiet during the Contract with America campaign in '94. Then remember how the propaganda machine turned on the dime the day Newt and his friends got elected. The Clintons got their bogeyman elected in 94 -- Newt, then they carried out the most vicious and successful propaganda plan I've ever seen in '95.
Hillary will run in 2008 and the MSM propaganda machine will return in full force. Then we'll see if they are still able to propagandize successfully or if they are indeed -- dead.