"Is the American media, in all its weird forms, living up to its responsibilities to inform the public of relevant news from throughout the world?"

Of course not. I don't know how big a role empty gossip played in the mainstream media ten years ago--I was ten years old, and honestly way more interested in cartoons than the news--but the state of things right now is pretty pathetic. Obviously the media is a business like any other, but there's something seriously wrong with the system when all the genuine substance is buried under opportunistic, sensationalist bullshit.
One thing I find funny about the media's obsession with celebrities is that they're always talking about the shallowest parts of pop culture: rather than talking about, say, Britney Spears's music (ostensibly the reason she's famous to begin with), they devote their time and attention to her personal behavior. It's bad enough that celebrities get more airtime on news channels than Bhutto or Darfur or any of those things that could have long-term consequences in the world. But when they don't even make a convincing case for why these people are celebrities--the "outrageous" behavior isn't much more outrageous than plenty of people I see in Atlanta on a regular basis--it's actually pretty amusing, in a we're-all-screwed Dr. Strangelove sort of way.
I don't think that was coherent or insightful at all, but I'm really tired and I need to go to bed.