Are weblogs racing newspaper to write the first draft of history?

Weblogs are faster, more nimble, and more local than any newspaper can hope to be. Have newspapers conceded the role of pre-history writers to them?

At this point, it seems that newspapers still hold the edge with the writing of the first draft. However, I think it's easier to imagine weblogs in the context of artists. Weblogs would be the artist specializing in rough images drawn with charcoal. They're often able to better capture the moment, and the emotion surrounding it, because of the immediacy of the medium.

Journalists lose much of this immediacy, but gain instead a larger picture view, and the patience to mix together all of the elements. It is this trait that lends itself to the writing of the first draft of history. The ability to step back a pace or two and try and bring context to the moment.

It is still possible that newspapers will concede this role, especially to distributed journalism, which has the possibility of almost immediate context. But newspapers still have a year or two left, before they find yet another leg of their kicked out from under them.