Facebook and twitter are about as reliable as talking to someone. On the plus side, the message is controlled by the individual rather than someone like Ruprt Murdoch. Also you have potentially millions of sources, rather than the 2 or 3 which control the MSM.
The important concent being, as our Marshall McLuhan pointed out, the "medium is the message". Even if a creep like Robert Murdoch gets his "internet ID", I don't think that is going to change the fact that the internet is a low-capital populist-based venture which allows anyone to post their opinion or make known an international event. Egyptian bloggers reported on the protests before MSM could even scramble a team.