The biggest loss will be pulitzer material. Large, in-depth exposes that you need a reporter or a team to work on for weeks or months before producing.
http://en.wikipedia.org/wiki/Pulitzer_Prize_for_Investigative_ReportingHere's the page. It's scary to think that some of these stories might have gone undetected, particularly
2006: Susan Schmidt, James V. Grimaldi and R. Jeffrey Smith of The Washington Post, "for their indefatigable probe of Washington lobbyist Jack Abramoff that exposed congressional corruption and produced reform efforts."
and
2008: (Two winning newspapers) Walt Bogdanich and Jake Hooker of The New York Times, "for their stories on toxic ingredients in medicine and other everyday products imported from China, leading to crackdowns by American and Chinese officials." Staff of The Chicago Tribune, "for its exposure of faulty governmental regulation of toys, car seats and cribs, resulting in the extensive recall of hazardous products and congressional action to tighten supervision."
The internet is good for quick news of all shades, and you can get top-notch analysis of what's already out there, but frankly, there aren't many pure internet sources producing a lot of original hard reporting (with some notable exceptions). I hope some kind of model comes into play that makes long-form reporting a profitable part of the new media world, but I worry for it.
In Hollywood, every low-grossing art film that comes out is supported by a Big Momma's House 2. I hope internet news can achieve something like that.
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I agree that the tactile part of having a newspaper is great, but frankly, I don't have the money to spend on a Times subscription when I can read everything in it and more online.