I decided to do a little more research into the topic of mass amateurization. Surprisingly enough I ended up: here. At a website written by the very author whose work we were discussing today. In the article I think a number of questions raised in class are answered or perhaps discussed further.
First who are professionals? Shirky states that "mass professionalization is an oxymoron; a professional class implies a minority of members". This means to me that we may all produce high quality content but if we aren't associated with the "professional group", we are not professionals.
The other thing he goes into in this post is the economies of weblogs. This put publishing and blogs in an economic perspective. This makes sense to me. With printed media because of barriers to entry not everyone is able to participate in production. However, with weblogs and blogging the barriers to entry are low (just have a computer and the ability to get online) anyone at any time can produce for this medium.
With this level of competition it is easy to see why many think the printed word to not be long for this modern world. Only time will tell what will happen. I for one like having a physical book and right of first sale.