In a lightheartedly serious vein, a profile of the living embryo of new, local, on-the-ground journalism is posted at PressThink in Jay Rosen's absence. As many have pointed out, there is as yet no market model for the New Thing.
H2Otown from Watertown, MA, is written by the charming, prolific, dedicated Lisa Williams, and covers "news" that is local, from political to social and economic on a (mostly) small and large scale. If she lost interest or disappeared, there is no overarching institution to continue the job.
A proposal for a new interim model: The economy becomes so productive through automation and inspired institutional models that leisure proliferates, and is used in this fashion by enough talented independent people that whatever structure is emerging has time and space to do so.
Time will tell. As the anarchists and anti-capitalists keep saying, it's not all about money.