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I don't think one necessarily has to declare themselves as Journalist, Baker, Indian Chief... but maybe some transparency is a good rule of thumb. I try to add "admittedly I have a bias" when I do and state briefly what that bias is. I guess I think of blogging like "participant observation" - a qualitative research style I learned in academia. The idea (as I understand it) is that you aren't pretending to be objective/outside but rather are writing/researching from WITHIN your experience. I think that's most honest and most possible... so far... looking forward to seeing how this discussion continues to evolve. (Love your blog btw, I read all the time and mean to comment more!)
The professional press as we know it today -- with its artificial value "objectivity" -- is roughly 100 years old, having been birthed by Walter Lippmann and his elitist social engineering dreams. The notion created a sterile environment in which to sell advertising and has led to a massive decline in the political process in the U.S. The First Amendment wasn't written to protect objective "facts."
The blogosphere is journalism's greatest hope but a serious threat to the institutional "professionals," who cling to the hegemony that gives them status. The rules and values are being rewritten; it's an exciting time, indeed.
I think there's a need for a convention, certainly - certainly the 'about' page on a blog should disclose material facts such as directorships, advertisers and sponsors if the author of that blog wants to achieve credibility. It does not eliminate conficts (and I don't think anyone is proposing we stop someone from writing just because they have a conflict) but I do feel a 'standard disclosure' is something useful.
It's my belief that blog networks (especially those growing from 'old media') are probably the natural areas for development of a 'code of conduct' and also to act as a crucible for creating effective training resources. Having an independent code of conduct that blogs could plead allegiance to (or even horror - pay to be aligned with) is an opportunity that I think is there now for the individuals or organisation with the guts to grasp the nettle.
But wait, it's starting to sound like the 'quality & authority emblems' that Tim Berners Lee has been criticised (and praised) for proposing recently. Tim O'Reilly was suggesting a Blogging Code of Conduct around April last year following the Kathy Sierra incident - but it had a mixed response. Nobody wants to actually be the police and nobody wants to have the law enforced against them - and it suffered and stalled because it was, literally, a reactionary proposal.
I also believe there is an opportunity to create a 'school of blogging' where bloggers can undertake the sort of training that journalists undertake, as well as getting the inside track on using the best online tools and resources. Heck, maybe this could even be delivered online... but that's a whole new business plan.
I don't think there are easy answers here at all Duncan - but it's good to see the questions being asked.