Martin Stabe has some good advice for journalism schools:
Journalism schools need to teach their students that blogs are internet publications like any other. They are public on the internet and can be read by anyone in the world with an internet connection. They are subject to the same media law as any other publication, including libel and fair dealing in copyright.
Funnily enough, the first hurdle I have to get over with teaching journalists to blog is getting over the "online diary/rant" stereotype and getting them to see it as another publishing medium. Sure, it has its own, particular characteristics, but the range of things you can do with blogs is much bigger than most people think.
Anyone who dismisses the content in blogs as nothing but a diary or a rant is missing a trick, as you suggest. Those who've been blogging for ages frequently find themselves having to defend their blogging tendencies all too often having their creative work dismissed as nothing but "noise". Blogging is more than just a different publication method. I venture to say its also about social networking, the opportunity to reflect one's own outlook on life with the content distributed via the blog. In the future it will become increasingly rare for true breaking news to be revealed on a blog - especially if the Blogging Police get their way with the code of conduct. What blogs will be vital for is expressing opinion and, as such, that whole ranting tendency will be invaluable as a result.