Interesting topic. I don't think Internet is the be-all and end-all solution to the problems media pose. But I guess that's not what you meant, either.
Save for giving a different opinion and a different view, alternative medias don't do much in my opinion. They can be just as biased, rigged and uncaring -- if not more. The fundamental problem with it, I guess, is that they don't necessarily require any review, don't always need to back up their arguments and don't necessarily need to be responsible for what they say. Having anonymity can be either good or bad. I'm not saying that mainstream media always has to be responsible or needs to back up what they say.
I think the root of the problem has more to do with lack of media criticism. If people were able to view everything critically, know a thing or two about rhetorics and were somewhat up-to-date on the situations then there wouldn't really be a problem.
Nonetheless, I think Internet does contribute in giving people a more objective view.