I read a good editorial recently by George Potter about how advertising is good because it allows news orgs "pay their own way" and helps keep the press free.

I can see where he's coming from but I ask: what would you consider more controlling, advertisers or readers? Readers are not an organised entity, as opposed to corporations buying ad slots. And don't get me wrong sensationalist news outlets have always existed (I mentioned tabloids in my previous comment), so relying on paying readers is not a panacea, it's just the scale that's different today I think.