It has arrived.
Bloggers do what they do for love, not money. The tone that results is quite unlike paid reviewing and reporting. Most bloggers are passionate about books and their enthusiasms (for, say, small presses and literature in translation) and hatreds (for, say, the pompous book reviewing of the New York Times) are refreshing, even when over-the-top.
So that's why there aren't any good literary magazines out there.
But then my blog simply repeats what Maud Newton and Bookslut have already told the world. I copy them cuz I think they're cool and I wish I could hang out with them.