I do not think that traditional forms of media are dying, but they are evolving with technologies which have changed the way media is being produced and distributed and thus some old media forms are being re-mediated.
Newspapers are shifting slowly from print to online so that readers can consume via the laptops, tablets and Smartphone’s they use today. TV and radio is now available streaming online via multimedia embedded into websites.
I don’t think they are in competition as online media is generally remediated content from TV, Radio and Print still today with specifically online or print content designed to specific needs of the readers of each. The consumers of each media type (new vs. old) might be done so along generational line I think so as online generations become dominant the old media will simply not be relevant to a large enough section of society for them to maintain a broad focus and thus will probably need to focus on a specific niche market.
What happens to editorial control, credibility and ethics in the new media forms of information presented in wikipedia, blogs?
I think much of this now how has to be assessed by the audience by looking at the authenticity and credibility of both the writer and organization so that context of the article and any possible biases can be identified. Also by the writer supplying source information by which they built up their article or media production credibility can be gained and thus the trust and respect of the audience – this is probably most important for blogs I think as it will enable the writer to more effectively engage with their audience and blog community.
Wikipedia is slightly different as it relies upon a couple of facets – firstly the want to learn the basic knowledge of how to create and edit wiki posts which is not as easy as just typing into a word document, and secondly within topics of interests the wisdoms of crowds seems to come Into pay quite quickly where any errors or misleading information is quickly corrected within a community as is explained in these videos:
http://www.ted.com/talks/jimmy_wales_on_the_birth_of_wikipedia.html
http://www.ted.com/talks/james_surowiecki_on_the_turning_point_for_social_media.html