The Fast Forward Blog is one of my favourites sources of thoughtful comment on social media and enterprise trends, and although I don't very often comment only on a single post I do suggest taking a look at this one by Joe McKendrick about 'news' versus 'noise'.
Echoing Robert Scoble, who says "the news isn’t where the action is: the high value bits are stuck in the noise.”, McKendrick makes the supportive case that listening closely to the noise of conversation and chatter can reveal more about what is going on than analyzing the news in print or broadcast. There are sources of news -- the noise -- that can be more immediate, instructive and accurate.
And where is the noise coming from? . . . "The tools we have at our disposal these days — Twitter, Friendfeed, Facebook, MySpace, et al — deliver information long before the 'official' sources get a hold of it."