Yahoo and Reuters jumped on the user-contribution (submitting) bandwagon. Just like many smaller mediahouses, readers are now able to send in their own coverage of the news. Yesterday they official launched YouWitness news.

You might not be surprised to hear that YouWitness news is already integrated into myYahoo (you already have an account if you use Yahoo mail, or belong to the GeoCities generation). The benefit of this is definitely one of convenience.
Users don’t have to setup and register new accounts, and yahoo has a traditionally user oriented interface (as evident with their mail, file, photo and other services.). The other positive aspect is that you will actually be able to read and see pictures or videos of events from all around the world, rapidly after events have happened.
But at the same time there are some negative aspects.

A quick reading of Reuters Terms of Use basically gives them the rights to your pictures or texts for free. Both Yahoo and Reuters will economically greatly benefit from this new “service”, meaning more press coverage they can offer to their paying customers or advertising revenues.
Considering the fact that you as the contributor might be the journalist and photographer, you will be working for free. If you sent the same story/picture to your local newspaper, the chances of a monetary reward might be greater. Additionally if the news is that interesting, Yahoo and Reuters might have it a couple minutes later nevertheless. But in regards to publication and widespread Yahoo and Reuters may be the solution.
Let me know your thoughts on YouWitness.

Help Yahoo and Reuters make more money off you…
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Mobileforum pointed out something I missed, thanks (They, being Yahoo):
They do say that “sometime” next year they will begin distributing pictures to Reuters partners and split the money with you.
[...] Although there are a great deal of indications that do point in the direction that some of the traditional journalism will die, Check out Wayne Smallman’s The death of the professional photojournalist?, I believe traditional journalism will survive parallel to the amateur journalist (Work for Yahoo & Reuters Without a Salary). [...]