Al Giordano, who has been there and done that, explains how press protection works. This is a post that a lot of bloggers should read, because Giordano went through a libel lawsuit focusing on his online news site and won. He knows exactly what he’s talking about.
He’s also trying out an interesting experiment involving blogs and investigative journalism. I’ll be keeping an eye on it; he’s been publishing online for quite a while now, and is one of the more experienced people working on blog/journalism crossover.