Reading Walt's latest Cites and Insights this jumped out at me:
I believe that gray literature—blogs, this ejournal, a few similar publications and some lists—represents the most compelling and worthwhile literature in the library field today. [Cites & Insights 7:9 - On the Literatyre]
Gray? Gray! Blogs, reports published on the web, web journals: these are brightly colored and shining. They are connected to the life of the web - link and search - and are visible, referencable and available.
In contrast most of the formal library literature is a very dreary affair. Dull publications, hidden for the most part from the web. Determined not to have any influence outside their niche. Gray, Gray, Gray ....
I think we need to revise our terms ;-)
The web has shone a light on the formerly gray; the formally published seems to want to stay in the shadows and become the new gray.