A number of people write web logs that critique the major news media. One of my favorites is "The Daily Howler" by former Baltimore reporter (and current stand-up comic) Bob Somerby. (Warning: Somerby's rhetoric is often over the top, but he usually has a valid point to make.)
A new effort is Media Matters, founded just a few weeks ago by former right-wing hatchet man David Brock. Brock and a staff of assistants are "dedicated to comprehensively monitoring, analyzing, and correcting conservative misinformation in the U.S. media. Conservative misinformation is defined as news or commentary presented in the media that is not accurate, reliable, or credible and that forwards the conservative agenda." They are, among other things, producing daily transcripts of Rush Limbaugh's radio show (so they can criticize what he says).