@wholefunshow: I'm not exactly sure what you mean so I'll ask you to elaborate on your post a bit.
I actually think Major Nelson and Treehouse live streams are a great point of consideration though. They have the exact same function as "games journalism" but their "news" is more potent and focused. It's directly from the source. This leads to more relevant/current information straight from the biased mouth. Think about what games journalists do with that info. They either post the video on their website or they make bullet points for the important stuff. They reiterate 99% of all the content they are given.
On the whole I think it's a good thing to have them as a source of information separate from the company selling you the product. But they shouldn't call themselves journalists because that requires an ethical standard that they are incapable of holding. They're freelance marketing organizations. They're who publishers call when they want the hardcore audience to know something about a game they're making.
I'm really not certain what I mean either :p Or less theatrically, I'm trying to work out a way for the not quite journalists/not quite marketing/"it's sort of always been corrupt but what are you gonna do, boycot?" grey area to have clear lines about what's what. As E3 developed I really started to wonder why I'd dismissed Nintendo's Treehouse stream early, it was the place that Nintendo was saving it's best nuggets of info for and I'll very likely be looking out for it's equivalents at the next events. And yeah, that's because they're trying to shill for Nintendo... but it WAS Nintendo! So exactly what it said on the tin. Jeff has repeatedly returned to the difficulty of maintaining distance or at the very least being transparent about what could be construed as conflict of interest (Bombcasts after Rab Florence and the Dance Central 2 not review for example) and one answer is make certain that each entity has it's own voice, Giantbomb filters games through Hamburger's and wrestling and earnestly de emphasises the authority of each reviewers review score for example. This is a bizarre note to conclude this on but this isn't my day job.