I think quite the opposite, it gives you the illusion of being informed when in reality you are just viewing a tiny slice of the world as through a soda straw.
If you really want to be informed it takes a hell of a lot more leg work.
I record the 6pm news on Tivo every night. Sometimes I watch it, mostly I don't. If something big breaks, I can watch it on the news.
Generally being alert to blogs and twitter will let you find out all the necessary to follow stories.
People waste far too much of their lives absorbing non-essential news items. In retrospect, most of us would be flat out recalling 4 big news events from the prior year.
The more editorial programs on public radio (This American Life, On The Media) are more opinionated, and the quality of local news is only as good as your public radio station, but NPR News is as clean as an organization as there has ever been.
Here is a well done statistical study on the subject (jump to the end for nifty charts):
http://www.sscnet.ucla.edu/polisci/faculty/groseclose/Media....
Everyone's view is fair and balanced in their own eyes.
It's so obviously biased and emotionally charged. Makes me cringe. But it's pretty detectable bias so it's easy to disregard.