A perspective from "Who the Hell is Enrolling in Journalism School Right Now?" (ht/@PatrickRuffini):
They force you into a style that a bunch of dinosaurs all agreed was acceptable a zillion years ago. So in an age of blogging, you have no voice. In fact, if I were in J-school now, I’d have my knuckles rapped for using the rhetorical “you” in those last two sentences.
Fortunately for me, my feet were never bound.
The author, Sarah Lacy, clearly not afraid to be edgy, celebrates her lack of journalism school training. She's also notably more optimistic about the future of journalism than most observers out there. With a foot in both the journalism school and the blogging world, I can see her point - in fact, I sympathize with it. People don't mind reading pieces that are a little less buttoned up (and if she thinks J-school is equal to foot-binding, I'm curious to hear her simile for modern legal writing).
But I'm still concerned that the loss of major newspapers hurts self-governance. I don't know that new-age journalists can pick up all the slack of certain institutions.