When you hear people sound alarms about the future of news, they often gravitate to two key endangered species: war reporters and investigative journalists. Will the bloggers get out of their pajamas and head up the Baghdad bureau? Will they do the kind of relentless shoe-leather detective work that made Woodward and Bernstein household names? These are genuinely important questions, and I think we have good reason to be optimistic about their answers. But you can’t see the reasons for that optimism by looking at the current state of investigative journalism in the blogosphere, because the new ecosystem of investigative journalism is in its infancy. There are dozens of interesting projects being spearheaded by very smart people, some of them nonprofits, some for-profit. But they are seedlings.