There have been so many things politicians try to get away with shoving down our throats which have been exposed so quickly. However, this  has not prevented them from trying. Now, the people who learn this stuff immediately on the web are becoming an ever-growing, but still-small (way less than half the population) well-informed group.

There's a huge gap between people trying to learn the truth and people who simply accept whatever they want to be true. The more lies out there, and the more people realize the lies, the more people decide to believe in whatever reality they like. For instance, no matter how much relentless corruption of the government is identified, my father has settled on the idea Republicans and Democrats are equally corrupt. This means he won't vote on corruption as an issue anymore. Basically, he has no faith in the reliability of any news source. He is busy with life, so he doesn't bother learning the truth.

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When a variety of false "truths" (Kerry's flip-flops more than Bush, Gore  invented the internet, WMD are in Iraq, there's a connection between Iraq and 9-11, etc.) are allowed to stick around on TV long after they are shown to be false, it decreases the credibility of any TV news.

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There is meaningful damage done to society each time the bar for truth and honesty in news reporting is lowered further.

Yes, the internet has been great for getting news to some people. However, for most, it's still as hard to tell whether to trust little green footballs as it is to decide between Fox and some liberal network (if it existed).