While working on a creative response to this flap (dieing down but still fun), I ran across this article from the author of the Vanity Fair article that started the mole rolling, Vanessa Grigoriadis. A couple of points:
1. She isn't a hack. Vanessa can write and she is a decent journalist.
2. In the article, the environment she describes is deeply flawed, seamy, and rage addicted.
3. She admits to tweaking noses as part of the job.
Past the screeching from the Twitter crowd and their fans, it's worth reading the article to understand how the web may indeed be transforming the publishing industry and journalism, but it may be devolution at light speed.