The Wisdom of Crowds and Law of Large Numbers suggest that as communities grow, not only does a large (diverse, independent, etc.) community make better decisions than a handful of editors, but the larger a community gets, the better its decisions will be. Therefore, we can hypothetically create a Collaboratively Filtered newspaper, television channel, radio station, etc., which would be better (for the community) rather than any other arbitrarily selected medium. In fact, as we will see, services like Digg, YouTube, and Last.fm, are trying to do exactly that - (CF) based media outlets.
Via Dennis T OConnor