Newsvine is the latest and greatest in citizen journalism efforts, combining AP feeds with blog posts and "seed" links from users.
OJR gives it a nice rap:
"Newsvine is a Seattle-based company started by former Disney and ESPN staffers. Their site newsvine.com launched an invitation-only preview beta in January. The site publishes news feeds from the Associated Press and ESPN, and then gives users the ability to comment on those stories, publish their own stories, write their own blog, and vote which articles should receive the most attention. (You can find a detailed overview of the site's features on solutionwatch.com.)
By combining hard news with citizen opinion in a single site, Newsvine has built a powerful call-and-response mechanism that couples the culling power of news aggregators with the empowerment of citizen media. Each type of content provides a check against the excesses or omissions of the other. That focus on daily news then provides the clear organization and compelling presentation that can spur readers to involvement."