Is TBD.com community journalism for Washington, D.C.?

All the D.C. journalists and bloggers are hot today about the launch of TBD.com, a TV station and website that puts out local news and community information about the D.C. Metro area. Is this urban community news?

Mashable has an interesting article about TBD that looks how the site is bringing in content from a network of 127 local bloggers.

This fits in well with a blog post by Mark Briggs that I read this morning that suggests that the job situation for journalism grads isn't as dismal as some folks think - it's just that the jobs are in managing online communities, not working at newspapers.