I think most people will agree that if photojournalism is to survive the media revolution the innovations will need to come from the photographers and agencies, because the magazines that used to support them have run out of gas. The only hope really is experimentation and failure. The right business model will involve many different income sources and a myriad of ways to present the stories.

VII photographers agency recently hired former Fortune Magazine photo editor Scott Thode and launched VII Magazine as their platform to experiment and innovate.
http://www.aphotoeditor.com/2010/07/14/vii-magazine-photojournalism-transitions-from-supplier-to-publisher/