Now that I've had a few days to digest Wednesday's panel and more thoroughly look over my notes, I have a few additional thoughts.
When a book is reviewed in the newspaper, six forces go into play: writer, publisher, critic, newspaper, bookseller, reader. Each has its own agenda.
Writer - According to Hannah Tinti, writers want their books reviewed by as many different voices as possible. They do not want the same bad review to be passed around from paper to paper via the AP. As a result, lots of working critics at lots of different newspapers benefit the writer.
Publisher - Dan Simon mentioned the corporate value system in reference to the fact that the big houses publish the majority of books available today. They have to report to shareholders, so making money is more important than producing quality literature. From what I know, word of mouth and the backlist long tail are more profitable than anything else. Obviously, publishers will court anyone (including maggots) who are likely to flaunt their wares.
Critic - Each of the panelists, except John Freeman, mentioned the importance of placing a book within its niche since targeting sells. To him, the problem with writing reviews for niches (e.g., a title with local rather than national interest) is that they segregate discourse from a broad audience. Critics clearly want their reviews to be widely read and discussed; they are journalists, not salespeople.
Newspaper - It is unfortunate no one on the panel represented the business end of newspapers. Having once worked in a particular tower in Chicago, I can say this: newspapers, like the big publishing houses, are in the business of making money. When they think something doesn't earn, they will cut it loose—regardless of whether or not it serves the public or the greater good.
Bookseller - When I sold books to the trade, we operated on the idea that three factors drove retail sales: niche, store placement, and cover. I found it interesting when Sarah McNally said books without quotes on them don't sell no matter where she puts them in her store. Although I can't say for sure, my guess is blurbs from a respected publication (like The New York Times) or a well-known author (like James Patterson) move more inventory than ones from Joe Critic in The Unknown Tribune.
Reader - Presumably, everyone reading this blog also reads books. I'll leave it up to you to decide what your agenda is and where you fit into the grand scheme of the above. If you're willing to share, I'd love it if you'd leave a comment.