YouTube Citizen News channel
YouTube has launched a "Citizen News" channel, to highlight some of the best news content on YouTube. Check it out: YouTube Citizen News channel
Once again, my perspective is that the amateurs aren't going to magically self-organize and document the world in a coherent manner like the pros, but I do expect they'll provide useful snippets of information that we can weave together in a pro-am way, similar to what we're doing with our beat blog on the Dallas school district.
Each individual citizen submission may just be a piece of a story, similar to a single statement from a conversation. Synthesized and reported out by a journalist, they're as invaluable as first-person quotes in a 'traditional' story.