It's a long speech and was probably better to hear Martin Nisenholtz give it than read it on a web page.
But unless you heard Martin deliver this speech the other day at the SIIA conference, I would highly recommend you read it.
I agree with Jeff that the Martin's "Pong" is Citizen's Media. Blogging is a but a form of citizen's media. So I wouldn't suggest that blogging itself is the Pong. But the revolution of the ants is upon us and the media business will never be the same.