The Guardian Unlimited's Bobbie Johnson has a good story on the growing influence of blogs:

Bloggers and internet pundits are exerting a "disproportionately large influence" on society, according to a report by a technology research company. Its study suggests that although "active" web users make up only a small proportion of Europe's online population, they are increasingly dominating public conversations and creating business trends.
More than half of the internet users on the continent are passive and do not contribute to the web at all, while a further 23% only respond when prompted. But the remainder who do engage with the net - through messageboards, websites and blogs - are helping change the national conversation, say researchers.

"We're seeing this growing," said Julian Smith, an online advertising analyst with Jupiter Research and author of the report. "The strongest part of their influence is on the media: if something online suddenly becomes a story in the local press, then it matters."