This also makes for an even more short term focus.
One of the major roles of the media, historically, has been to spark and foster debate. Coverage of many issues has started with an initial report, perhaps full of inaccuracies or errors, which then over time is reacted to, corrected, and refined getting a bit closer to "the truth" but also importantly fostering public knowledge of and debate about the issues (and the facts).
If we are entering an era when most media from the blogosphere (see Apple's lawsuit) to major newspapers and magazines to TV think only of the immediate, short term, initial reactions to everything they write about - then we are unlikely to see ongoing support for investigative research, or coverage of anything which can not both be simplified to a single story and vetted by advertisers. Small bastions may remain in the publications supported by foundations or interested groups (Mother Jones, Unte, New Yorker on the Left, other publications on the right) but their circulations are a far cry from the New York Times or the reach even now of Network TV news.