Take Back the News - participatory journalism?

Take Back The News A News Sharing Community has recently been launched, promising, in the words of the Blogs of War, an adventure in "participatory journalism". Participatory journalism is an interesting concept. To what extent does it mean the loss of the quality control associate with the journalistic profession? Or do we no longer trust the journalists enough? At any rate, we have already seen participtory journalism at work, in Indymedia and AlterNet, two of the most unreliable news sources out there.

(AlterNet: not to be confused with AlertNet, one of the most reliable sources out there. It must annoy AlertNet how many people get them mixed up, due to a slip of the fingers. As with this example, sending people to completely the wrong place:

Marie Stopes International - WW - Useful links: "AlertNet - http://www.alternet.org/
AlertNet provides global news, communications and logistics services to the international disaster relief community and the public. AlertNet is funded and run by Reuters Foundation -- an educational and humanitarian trust created by Reuters, the global news and information group."