Are newspaper editorials a waste of newsprint, money, and the reader's time?

The question isn't entirely new. Ever since sharp minds observed that opinions - many quite well-informed - have been proliferating on the Web at a geometric rate for more than a decade now, it's become unavoidable to wonder whether the newspaper editorial board, once the Supreme Court of acceptable public discourse, has become an anachronism.

Simply put, talk is cheap these days. The advent of cable news lowered the ...