Do the existing 'incumbent' directory players have a role to play in the future 'Local' market?

I see the incumbents as being firmly embedded in future 'local' information markets - but they're going to have their work cut out for them as new entrants come on the scene. In particular, the big directories have always found it hard to integrate user generated content alongside their sponsored and listings content without undermining it in some way - and I'd suggest that this leaves a gap for someone (Google?) to build more authentic listings based on real local knowledge.