Jupiter Research's Michael Gartenberg (from Dave Winer) speculates that if Watergate were held today, Woodward and Bernstein would have been bloggers. I don't know about that. Mainstream pubs, from the New Yorker to Oregon's Willamette Week, still do good investigative work.
But a stronger case could be made that the next Deep Throats might be bloggers. And if this generation had a version of the Pentagon Papers , there's a good chance a modern-day Daniel Ellsberg, instead of leaking them to The New York Times , would simply blog them. The question is whether bloggers will benefit from the same Constitutional guarantees as the mainstream press when they spill the beans.