I'm not clear how News Orgs/Staff are stretched. I admit there are fewer of them and they are expected to cover many more stories, but given the technology and tools available to them.
All I see is a person ineffective the moment they physically move somewhere. Unless they are connected via the web. What I have seen is a lack of understanding how to use these new tools. A cynic may call it laziness and lazy thinking. For example, if a law enforcement officer was given 200 leads to solve a major crime, you would expect one to be triple checked (I hope).
But a journalist always seems to be on that deadline and may not [will not] check out all 200 people/comments on a Social Site. I do see, a scan for the comment that is irregular that could be aired.
Which leads me to the academic issue. News is now raw data and that's how people see it in places like Google News. It is a never ending stream of noise. Scientists are the ones to dig in a harvest excellent content. Have a read of what Topsy are doing: http://topsylabs.com/solutions/realtime-social-intelligence/
If after all of that the JSchool has to redefine what comes out the graduation end, so be it. Data Analysts, Social Engineers, Realtime Communicators.. who knows.
And as for the YouTube streamed in HOAs .. If I attended a HOA you were broadcasting right now and shared a clip with you, said it was just fine, turned out it was the latest Lady Gaga song.. your account would be flagged in 4 seconds and you would lose HOAs .. simple as that, least that would happen, ads would be placed against the HAO as a rerun .. But, it seems.. I would walk away just fine, not my account at risk. [Note: these are my thoughts based on friends who have had strikes and even uploaded the odd logo .. and yes the 4 seconds was real].