From Media Bistory, the big question: What is this recent trouble in the publishing world going to do for books?
There are two camps: the "Fewer books mean more quality books" side and the "big publishers will focus on for-sure sells and celebrity authors."
I can't really see much of an argument for the former. Sure, usually when you have to really focus on what you sell, you want it to be the best of the best. Unless you can sell Paris Hilton's dog autobiography and people will actually buy it. So why try out this amazing new writer if you can just get Joe the Plumber to "write" a book? It makes sense when you think that these people are looking at the bottom line.
Of course, I think that small presses have an opportunity to step it up and get people's attention with good work. They might be the saving grave of the publishing decline--that is, if they can survive that long.