A couple of critics have said that the Media Studies 2.0 model that I proposed is primarily concerned with 'audience and reception studies'. But my argument is precisely that the whole idea of media 'reception' is rapidly collapsing around our ears (and was always rather patronising).
If I was not able to make this clear, I suggest this excellent article (which my PhD student Fei Zhang showed me this morning): Blogging and the Emerging Media Ecosystem by John Naughton.
Naughton shows that, even if you are not interested in media audiences / users / participants (or whatever you want to call them), the changing nature of engagement with media - where more and more people can and do make their own - forces the whole system to adapt.
So some changes on the audience/user side of things (people making their own stuff as well as consuming material made by traditional media companies, and other individuals) leads to a change in the whole 'ecosystem'. Naughton puts it much more elegantly than me, and his article is highly recommended.