This makes sense but it isn't going to work. Everybody on the Web knows why it won't work; let me point out why they're trying. Journalism is worth doing, it costs money, and a huge portion of the blog world makes its money off the inefficiencies in the journalism industry - they fund the actual journalism but burn money doing it because the Web makes their distribution systems obsolete.
People predicting that blogs will fully take over are mostly right but partly full of shit. Blogs kick ass over newsprint, but the blog economy parasites off the journalism industry. You can't keep parasiting off a dying host. When newspapers truly die, they'll stop all their research and fact-finding, and bloggers will have less to re-tweet.
Journalism will move to TV and blogs. Blogs can't really fund the research, but TV can, and a lot of TV pundits already come from the blog world. TV is already taking over the Internet to some extent.