Good Journalism! what is it?

I was watching the 'Ramnath Goenka memorial debate' on sunday and the topic for the debate was 'Is Good journalism bad business'? The panel consisted of distinguished editors of leading newspapers in India namely The Hindu, The Indian Express, The Times of India, The Hindustan Times. Further The debate hosts were Rajdeep Sardesai(CNN-IBN) and Barkha Dutt(NDTV 24X7). The audience consisted of politicians, writers, news anchors. U can watch the entire episode here:
http://www.ndtv.com/convergence/ndtv/videos.aspx?id=15435&slug=Is+good+journalism+bad+business%3f

This topic has long been my wish to be discussed publicly and finally it has been put through. On a larger scale my question still remains as to what is the role of media in shaping the society. The society craves for information and why not its the age of 'Information' Technology!!! But does it comes at a cost and if yes at what? Does media,the context particular to the indian media, has to be glittery and glamorous as the Bollywood which looks like has lost the definition of movies and entirely rely on stupid and bizarre formulae to woo the general public. One of the questions rightly raised was 'Should TRP be a factor to decide whether a news channel is a favourite among the mass'. Lets face this, we are still a growing nation where thoughts and views change and its quite an arduous task to maintain a happy-everybody scenario. Now, shekhar gupta of the indian express said "you don't have to write for your mother because your mother will anyway like what you write instead try writing for your landlord". This is where you start writing for others and why not 'they' form the public and hence the market which decides the survival but is masala REALLY needed for a news considering the fact that we indians like Masala's anyway(you just can't eat pav bhaji with no masala in bhaji). A news media, be it print or TV, is meant to decipher information to the public and make them understand(if needed) the impact of it in their lives and the nation as a whole. Alright, you can cover the ash-abhi wedding or bipasha's kissing with christiano but does these supersede the other news related to the country? and moreover does it require a whole day broadcasting? Dont they find anything else. I used to watch CNN (i dont have that channel now here) and let me put it straight it far exceeds the quality in news and presentations with right amount. Well, people might argue thats its boring and as Mr.Ram of 'The Hindu' said "its an open world". No wonder why 'The Times of India' has become a good 'masala' newspaper. Its got everything one needs. National news, international (though more towards glam side), sport and exclusive supplement for page 3 lovers. Nonetheless, 'The Times of India' still remains my most hated newspaper but have to compromise when there is no other. The arguement can go on with each side putting across points in their favour but largely it remains that journalism is nascent and has a long way to go. The Honorable President of India, Dr. A. P. J. Kalam asked rightly the question 'Can Indian media be a part of Nation's development process'?