Bill Cunningham over at Pulp 2.0 has actually been doing all the things I've been theorizing about with new media. The first novel his company's published, the vampire blaxploitation horror novel Brother Blood, is out on Kindle. If groovy 1960's horror is your thing, Brother Blood's got your swing.
Also of note, of course, is J.A. Konrath's adventure in Kindle publishing. He's leveraged an existing print reputation into a great online business. People like that, as I've mentioned, are going to be the leading edge of new media -- tinkerers with an established base in the old media.
Where do you think media distribution is going? What are the obstacles? Sound off in the Comments.