Embargo this?

Valleywag is reporting another instance of embargoes gone wrong. Images and news about Zune - Microsoft's bid to take on the iPod – leaked to blogs like Gizmodo and Silicon Valley Insider while the NY Times and Wall Street Journal were sidelined with an embargo. Some journalists apparently got interviews with Bill Gates for sitting on the news. But they also got scooped, yet again, by the blogosophere. And Valleywag notes:

Do readers care, though, if the reporters got face time with a billionaire -- or that they had to wait a day to read this not very momentous news?

Good question. What role do you think embargoes play in this media landscape?