Just found this while trawling through Twitter - I use Twhirl as my desktop twitter application at work. Interesting concept, and slightly different than what Mutiny tried (though Mutiny's model did have some specific copyright issues I believe) and it takes citizen journalism to another level. Now, I agree with what Vir argued on Sunday, the newspaper or magazine ain't gonna die - because you would still like to have something to read while you're on the shitter or hanging onto a Mumbai local with one hand.
But that said, on a plane with the rise and rise of personal in-flight entertainment options (Emirates ICE system is amazing on their new planes) and now even Wi-Fi access on board, you don't have to read the trashy airport thriller you bought or even the newspaper. I'll take myself as an example, I surf the net from my mobile - usually just links from Twitter everytime I'm an airport lounge or security hold. I can't be bothered to read most papers, usually because I can't see the point in reading the same news over and over again.
Which brings me back to the point with which I started - the concept above is rather unique - apply a bit of 'editorial judgement' on a bunch of blog posts and then create a PDF which anybody can download and print.
A sort of best of the web in print - from the guys who wrote it rather than some lazy-ass twat rewriting it as happens over and over again. Some of us do track Wired and BoingBoing y'know, on Twitter. Put in local advertising - at a low rate, the ads can be generated by a IP address mechanism - so the adverts can be hyper-localised (IP tracking in India can get slightly better but you get my point).
The best thing about this is that it is all unique content - not the same Associated Press story and picture across ten newspapers or a stolen report from another paper with 'Bureau' slapped on the byline. Sure, many of the bloggers won't have access, but something like this might just work.
On another point, really, I'm amazed so few journalists are on Twitter in India. Surprising actually!