But we actually need less "proper" journalists too. A dozen proper, independent news outlets are probably sufficient to cover most world news from every important angle. Why should we need that coverage to be repeated a thousand times, for every major city? Why does the San Francisco Chronicle need someone covering the war in Iraq? Why does the Tribune de Genève need to cover american politics?
There is no need for this duplication of (good) coverage by proper journalists, when global, instant distribution is essentially free.
That is particularly true when you consider that the leading paper's stories will anyway be duplicated a hundred times over by thousands of bloggers who will inevitably capture all the minority viewpoints.
I would say that the main problems with journalism these days are the reliance on pundits, commentators, the public and partisan organizations instead of analysts, good journalists and factually based editorials. In another life, I worked in a PR agency(not very proud...) and usually journalists(from reputable newspapers) would copy verbatim our press releases. The crap they publish is astounding...
Well that was quite a rant.
There's also a whole side-conversation about diversity of opinion and reporting being key, but that does rely on high quality reporting, which we need more of.
Speech to text, or text-to-text, translation isn't worth much anymore. Journalists will have to actually report on what's really going on, instead of hiding behind objectivity.
It also neatly explains why certain magazines/papers, like, for example, the Economist, are doing fine even as the industry collapses: they provide hard, strong value in the form of unique insight and analysis communicated extremely clearly.