Time and the Internet

Time magazine says forget the Great Man theory of history. Because of the Internet, says Time, "the many" are taking power from "the few." So this year's Person of the Year is You--which means all the millions who blog, visit YouTube and My Space, or contribute to Wikipedia. There's even a mirror on the cover so you can see yourself. Is Time on to something important or is it pandering to the mass readership it fears that it's losing? Does the Internet embody the "wisdom of crowds" or the blather of people who don't know what they're talking about?