I think you're right on both counts. We're already seeing a blending of the lines between old and new media. I was just thinking yesterday about some story from years ago where big media controlled government, and how that appears so far from they way it will actually be as the little guy has more and more tools at his disposal.

One more Twitter related story. Evidently, after the Farrah Fawcett and Michael Jackson news, someone started a rumor that Jeff Goldblum had died in a climbing accident, and that spread like crazy. It turned out to be a hoax.