Well, if Time magazine recognzies user-contributed content (Person of the Year: You) is the next big thing, maybe it is (or maybe it’s on the way out).
Time recognizes there are incentives issues:
Who are these people? … Who has that time and that energy and that passion? … Sure, it’s a mistake to romanticize all this any more than is strictly necessary. Web 2.0 harnesses the stupidity of crowds as well as its wisdom.