I'm worried more about organizations/networks which have no accountability, ala indymedia. They can say pretty much anything without fact checking.
Even Fox still has to deal with reporters who blantantly lie, since they are a centralized public entity. NYT, ABC, etc have fired reporters who have made up facts.
The problem with indymedia is that alot of people read sites on the internet, and assume that whatever they read is true, since people tend to believe most people reporting stories are honest. Moreover, because of the amount of copying and plagarism that goes on in the amateur media, stories that start out as speculation or in context get copied and passed around and modified until they turn up out of context and represented as "fact"
With all the problems with major network media, I still prefer it over blogs and "independent" (e.g. pundit/extremist groups with an axe to grind) based newsmedia.
I still spend majority of my news reading at BBC/PBS/NPR/NBC/CNN/NYT/WPO/WSJ/ECONOMIST/TIME/NEWSWEEK/BUSINESSWEEK/etc and not perusing yet-another-wacko-conspiracy-socialist-group.indymedia.com
Fact is, I simply don't have the time to "sift through" the low signal on indymedia, and if they do "break" a real true story, eventually, it will be picked up on one of the major networks, or on drudge. I have no interest in their "opinion" pieces.