As with any source of information, I don't mind so long as I can tell what their bias is. (It's a foregone conclusion with Fox ...) As long as Fox is not your only source of news, then you are okay. Personally, I like to read the newspapers regularly, just because it is impossible to cover any current affairs in sufficient depth in five minute sound bites, which is the format that predominates the tv.
A different slant can make a HUGE difference, especially if it's reported as if it is not biased.
I think the BBC news service deserves its distinction for even-handed reporting. Even so, there are more than the average amount of socialists in the employ: one newsreader accidentally called the Labour Party "we" on air recently ...
I would like to see the Citizen Kane effect circumvented, though. I think it is very dangerous that Murdock controls most of the media around the world, for example. I know it is paranoid to suggest that he can control an election, but the fact remains that one of his newspapers (The Sun, a popular tabloid that started the "Page 3" phenomenon) has backed the winner of every election, Conservative and Labour ...