Here is a comprehensive white paper on improving the user experience for online media sites from Sarah Meyer at Attivio. It offers this quote near the beginning:
"2009 PREDICTION(S): Five out of every 10 magazines and newspapers will go out of business, scale down their frequency or move entirely to the Web. This will not just be survival of the fittest, rather survival of the most willing and able to adapt to the changing media paradigm, and throw all of the old rules out the window." - Andy Cohn, VP and group publisher, Fader Media
I have seen the same predictions for a number of sources so be warned that if you are a media company you need to get your web site in order to survive. This paper offers some excellent suggestions. Some apply to blogs, as well. In this era of user involvement, they rightly point out that you need both compelling content and an engaging user experience. They break their suggestions into three categories: focus on readers' goals in the way you present content, address advertisers' expectations, and optimize operations around innovation and cost control.