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Is crap-detection, as Howard Rheingold calls it, something Twitter’s crowd is increasing doing for itself? 

Mike Orcutt, writing on MIT Technology Review thinks it may be:

Around 9 PM Eastern last night, my Twitter feed lit up with messages from respected journalists and bloggers declaring that NBC News had projected Democratic challenger Elizabeth Warren the winner of the closely-watched Senate race in Massachusetts, in which she was running against Republican Scott Brown. That’s funny, I thought. I had been watching NBC News, and I couldn’t recall the anchors announcing Warren as the winner.

During Hurricane Sandy, one user was the source of several potentially dangerous false rumors. A message claiming the trading floor of the New York Stock Exchange was flooded by three feet of water fooled even CNN and the Weather Channel.
However, that night, like last night, skeptical Twitter users helped the network self-correct fairly quickly.