‘Blogmedia: Time for another bureaucracy or what?

Nick Denton pitches making Jeff Jarvis (and Jason Calcanis) the founders of a Blogethics “permanent institution” that could start off by drafting guidelines for blogs.
(Note: Brian Alvey of Weblogs Inc registered the blogethics.org URL on Nov. 17. ) Jason says : “If Jeff Jarvis and Nick Denton are willing to start the Blog Ethics Committee I’ll do it provided we have transparent open discussion spaces for people to participate in.”
I have to say, while I agree that integrity, transparency and honesty are essential to write a credible blog (in most cases), the idea of forming another governing body, committee, or standards group turns me off.
Is anyone out there who reads blogs really stupid enough to think that not being credible will work for more than 5 seconds–I mean besides the ad folks who try to sell sugary cereal as a breakfast food and pretended ketchup might be a vegetable?
In other words, there’s no need to preach to the converted.
Ellen at Standard Deviance has a smart post about all this–and some cautions about blogmedia cliques.