That is an overly rosy view of things. Citizen Media does not have the deep legal pockets of the New York Times behind it, and thus can easily be intimidated by SLAPPs from those in power. For a contrarian view, you should read Andrew Orlowski's excellent article Back in the BlogHouse
One of the important points he makes is that the press lost a lot of its combativity when it went from a working-class, slightly seedy job to an acceptable career choice for college grads.
Citizen Media is a good thing in keeping Big Media honest, but it will probably never have the same capacity for "afflicting the comfortable, comforting the afflicted" (when they are doing their job, that is, unlike the Wen-Ho Lee/Jayson Blair/Judith Miller NYT).