While watching the BlogHer report, I realized how deeply involved some people are on the journalisim side in world. The in-world news has many similarities to news outside of Second Life. There is a need for this news for people only deeply involved in SL, but other SL life members want to watch it as well.
The reports in SL are mostly for people who can not be in SL at a given time but can watch news reports from in-world places loaded on to a website on their computer.
The challenges in reporting on a virtual world is that networking is a must. 57 Miles said that in order to get his story he looks at groups he's joined and friends he's made in-world to see what is happening. Cybergrrl Oh also looks at blogs in-world to find her story.
I do not think that reporting and the concept of news in SL will supersede that of the real world. Even though there are many people in world the journalism side out of world still has the majority of viewers and reporters. There are tools and advantages of reporting in world, and there is still a wide range to apply journalist skills when getting a story and reporting it. Journalists in real world can be journalists in-world, but the need for those journalists is still leaning toward the real world.