Dave Balter posted a great article today at the HBP site.
In summary: "Publishers seem resistant to the facts of today's economy. Consumers are in control: They decide what works and what doesn't; they're the harbingers of cool. They are the ultimate distribution channel."
He goes on to bullet point specifics on how publishers can tap into this, and even suggests an entrepreneur's approach to a new business model (hey 8cr!). All in all, a great article in tune with much of what's discussed here.