What would a stripped-down SeattleP.com (a Seattle Post without the Intelligence(r)) offer? It's already begun to tip its hand by populating its Web site with links to local bloggers and related content. Hearst, no doubt, would leverage its national content from whatever is left of its news stables after the print versions of the P-I and San Francisco Chronicle are laid to rest.
Yes, the Web makes it way cheaper to present content. And, yes, there are fewer barriers to entry to both content providers and technology. But one plus the other does not equal profits, or even sustaining revenue.
(Note to the hand-wringers: It’s the newspaper industry that is on the endangered-species list, not journalism itself, which merely is undergoing a transformation).