Here's an argument for Google to acquire Technorati. I don't buy it, though strategically it makes sense -- Technorati got a niche in the industry and it aims to be its leading flag with an obvious exit to an industry gorilla. But not to Google, for the simply fact that Google already has Blogger and hence indexes pretty much a good chunk of the weblogs from around.
What about Yahoo + Technorati + Six Apart? Say by the end of the year?
If Google could remove blogs from its searches based on the Technorati indexes then that would answer those critics that says blogs are swamping search results. Personally I can't say I have noticed blogs having a negative effect on my searching - they are often a prime source of information, act as filters to remove the dross. If I find a blog in my search results the chances are that it will be quickest route to the information I am looking for.
I find blogs useful as well when searching for something. Also, if I want to be on top of the news, blogs are the first source of info. I believe that for this reason gradually news outlets will either die or change their model. It's matter of when and not of if.
Google has enough blogs with Blogger, in my opinion, plus indexing the rest of them can be done fairly easy without Tehnocrati. Yahoo on the other hand need to adapt to the blogosphere's success pretty quickly, so I see your alternative as more likely to take place this year, unless MSN decides to move in. The fact that blogs turn out more and more in my search results actually helps me big time because, besides the actual results, I also get comments on them. :) Radu