The trend stats you site are from the same Wall Street Journal that yesterday wrote about Twitter Going Mainstream for businesses.

How far has the pendulum swung? Once it was about spending time and $ to get newspapers/media to tell at least part of your story or highlight your expertise – and in the process increasing awareness of and driving traffic to your business.

Has it become about telling your story, demonstrating your expertise and 'leading the conversation' in your own way, across multiple platforms, to reach and engage prospects, clients and other thought leaders and in the process providing content that helps increase awareness of and drives traffic to newspapers/media outlets?

I know it's not really such an either-or proposition; you seem to be alluding to developing a different kind of relationship - almost partnership with editors and reporters.