Chris Anderson, Editor of Wired, author of The Long Tail (insert comma), and ex-colleague, writes a couple of excellent posts about what radical transparency means for magazine publishing — part 1 is here, and the second part here.
My sympathies are with Chris when he describes the attempted creation of a modern content management system. And my admiration that he is still shooting for it. Putting that to one side, it is fascinating to read his comparison of our expectations in the mid-1990s (aeons ago on the Internet timescale) and now. Then, it was all about portals, driving traffic to your site, creating content for people to come to read, and editors as gatekeepers. Now, search rules (as do blog links!); the web is a conversation conducted via rss; and readers share the control. Or as Chris aptly sums up, the motto is "catalyze and curate".
In the second post, Chris writes about a "fully transparent" media and six tactics it might use — the upsides and the disadvantages to each. These are truly excellent posts; I highly recommend them.