Regulating Blogosphere

Recent happenings in Blogosphere of US and some violence directed against Bloggers in US has raised this issue. My take is Blogosphere is just like any other Media, with vested interests and truth ingrained in it. Let the public have the discretion to decide what is true and what is not. I think public is not thinking enough to dig out truth but not unthinking enough not to know truth from lie. Cool but vested interests and lobbying would always be there. I think people should have the courage to laugh off grapevine as a good cassandra effort. Some magazines like B&E from IIPM even publish regular Cassandra columns prominently of Noam Chomsky.What is your take.