Buzz or substance
Replace that with traffic vs substance if you like, excellent quote from Doc Searls in this post, something to think about:
... do you go for buzz, or do you go for substance? Yes, you can go for both, but if your main purpose is popularity you sell out substance. That’s just how it goes. You may still traffic in substance, but it’s secondary. And if you go for substance you’ll sometimes get some buzz, but as a secondary effect.
The post was written on the back of this debate about the blogosphere and TechMeme, but the questions it raises applies just as much to mainstream media.