Kromovaracun, I'd say newspapers provide three things. One is selection and editing, in order to present readers with a wide range of news. You might for instance be able to find the latest abstract from your favourite think-tank online, and the latest Chelsea score; but the death of Keith Floyd might pass you by, even if you were interested in him, because regular use of a newspaper (or online equivalent) is the best way of keeping up with essentially random news events like that.
The second one is authenticity. If you have a copy of The Times in your hand, you can be 99.9% sure it is a genuine paper prodcued by the mighty Murdoch empire, and pretty much identical to what millions of other people are also reading. There isn't really an online equivalent of this yet. You can't trust anything online. Even 'facts' in Wikipedia may be rubbish. Part of what you pay Murdoch for is his stamp of authenticity.
The third one, which I guess is related, is professionalism. You can get the same news from a variety of angles through different sources, and you're quite likely right to think that these may actually increase as the media monoliths crumble. But will you be able to trust them? Quite apart from the questions of bias, will the citizen reporters who blog on the fire at the corner grocery actually have the sort of training that gets them to ask the right questions, amass relevant facts, and present it to you in a comprehensible form? Or will you have to read 16 different blogs on the same subject and try to piece together a coherent account of events for yourself?
None of this is meant as a defence of newspapers; I'm well aware how far short many of them fall. I just think the world of new media that will replace them will be significantly different, and probably not in a good way.