There is an interesting little article by Daniel Drezner and Henry Farrell on the rise of weblogs and their growing influence in
Foreign Policy (November/December 2004) which is available online
Drezner and Farrell article
Consider the source, of course: no groundbeaking conclusions or deep theoretical insights, but nice coverage all the same.
I found the article through one of my favorite daily reads, Arts and Letters Daily, which gives five or six links to interesting articles a day. Their clever summaries (credit to the editors, Denis Dutton and Tran Huu Dung) are often more of a treat than the articles themselves. I'll reproduce their summary of this one in full:
The blogging revolution is making its mark on the media, to be sure. But a real revolution does normally require people to get out of the house...