Oh no, don't kill the press release

Michael Arrington in TechCrunch posted this new story today about the SEC recognizing bloggers and is suggesting we kill the press release.  Oh, no, don't kill the press release.  Why not?  It's a factual document, when done right, that aligns executives on positioning, messaging and voice.  The press release also give the PR team a foundation from which to build.  PR is an 'evolution, not a revolution' and besides the press coverage a company garners, the press release shows the maturation of a Company, albeit some abuse this channel with misinformation and hype.  The best thing we can do is to alter the way it works for a company or individual.