As others have pointed out, it would be nice if they could, y'know, actually regulate the press effectively before looking at broadening their horizons. Unity has a post here: Liberal Conspiracy, with a letter to the head of the PCC that includes this:

we do not feel that the further development of blogging as an interactive medium that facilitates the free exchange of ideas and opinions will benefit from regulation by a body representing an industry with, in the main, substantially lower ethical standards and practices than those already practiced by the vast majority of established British bloggers.

This is something I agree with, perhaps because the blogs I read tend to aim for accuracy, accountability, attribution, and minimisation of harm. Maybe there are hordes of bloggers out there that do not share these ethics that have not come to my attention. What has become apparent to me from reading and responding to various articles in the mainstream media (I'm thinking of papers such as the Mail and the Express here) is that newspapers too often print inaccurate articles and fail to make prompt and prominent corrections (thus failing on the counts of accuracy and accountability). As for attribution, I know of a few bloggers who have effectively had posts plagiarised by journalists without any acknowledgement. When it comes to minimisation of harm, I doubt there is anyone reading this who cannot think of an example of the mainstream media failing to minimise harm to subjects of articles in the press.

Unity also points to the failings of the PCC and give an example of an occasion where:

the PCC actively sought to facilitate the News of the World’s efforts to avoid undertaking practices that we, as bloggers, take for granted as being standard practice in our corner of the Internet; i.e. the prominent publication of an honest and open correction of a factual error on the original article in which the error, itself, was made.

I have had some experience of the PCC myself - it took me from the middle of March to the end of June just to get a headline changed to something less misleading than the original: Stuff And Nonsense.

It will be interesting to see the PCC response to Unity's letter.