The practice of "citizen journalism" can, and should, encompass more than simple news reporting and first-hand accounts. It seems to me that people who self-publish analysis of current events, and who strive for objectivity and transparency in that effort (rather than agenda-pushing), are providing a journalistic service.
Of course, such analysts might not describe themselves as "citizen journalists." Case in point: Lately I've been reading an excellent weblog, "Econbrowser," by James D. Hamilton, professor of economics at UC San Diego. Hamilton is a talented writer, mainly because he appears to be a clear thinker -- that is, he has a gift for getting right to the point, in plain language. (At least in this blog; I haven't read his academic work.)
Check out this analysis of the economic aftermath of Hurricane Katrina which he published yesterday: "The calm after the storm."
Here's why I think this piece could be considered an exemplary work of citizen journalism...