You guys know that I'm not overtly cynical about the blogosphere or about tech. I'm cynical about a lot of other things - politics, religion, intellectuals, in fact large chunks of social life. 
But I have to be a little cynical about user-generated content. It's not really as important as everyone makes it out to be. 
I agree with John Battelle, for instance, when he says that the New York Times doesn't quite get it yet. True. Quite a lot of newspapers don't get it, and quite a lot of broadcast organisations don't get it. But what is it? 
It - that is, conversational media, UGC, Web 2.0 - isn't as important as we make it out to be. Yes, we all use it. But if you think that we've got very far, come with me on my commute. How many people do you see reading or producing conversational media? Well, there's me. I'm probably reading sometime on my Palm Pilot or my laptop (when it works) from a blog or writing up a post. 
But I am outnumbered many, many times over by the people reading the newspapers. And that's because all of the ways that one views conversational media aren't well suited to being consumed inside a metal box filled with other people. 
There are a lot of iPod users on the train, but how many of them are listening to independent music and podcasts? Very few, I'd imagine. iPods are still used primarily for listening to music. 
We can dream about conversational media, but we shouldn't get our dreams confused with reality - which is still dominated by newspapers, magazines and "old media". 
What we need to do is find ways of getting new media in to the places where old media sits. We need a "print aggregator" - which would pull a few interesting, feature-length articles from sites you like and print them automatically. So if you are getting ready to leave work, you open up your print aggregator, hit print, wait a minute or two and grab the pieces of paper. You've got yourself a little magazine to read but it's made up of interesting things from sources you like. 
PDA newsreaders need to improve. Online readers like Google Reader are fine, but they need to synchronise with offline applications so that people can read interesting stuff on their Palms, Treos and PocketPC devices. The same is true for video. 

