Nice post over at 37Signals addressing just that. I gotta say, I agree with Matt on this point:
[…] Culture was suffering before the internet too. As far as I’m concerned, the death of the crappy sitcom, bad Hollywoood movie, overproduced major label schlock, etc. is just fine. And viva enthusiastic amateurs creating amazing stuff like this handmade Modest Mouse video.
Check out the full post here.