This was a lecture given by Stephen Coleman, professor of political communication at Leeds University at the RSA in London at the end of last year. It includes discussion of the Obama campaign and a very good Q&A session. Here is the blurb from the Princeton site:
Coleman believes there is a disconnect between government and the people, based on a growing public fear that individuals no longer have the power to influence the political world.
Join Professor Coleman as he draws upon new research and public survey data to argue that the internet has the potential to open up a new space for civic efficacy.
Respondent: James Crabtree, senior editor, Prospect Magazine and trustee, UK Citizens Online Democracy
Chair: Matthew Taylor, chief executive, RSA
The speakers point out that while the Obama campaign was great at getting people involved in the campaigning side of things (funding, getting out the vote etc), it never allowed ordinary people to get involved in policy formulation. Which raises the question that the Internet is great at marketing but much less good at providing spaces where citizens can put forward ideas in ways that the existing system can embrace.

One Comment
Is the internet just a great big commercial propaganda tool. Is it used primarily by entities with a lot of wealth and power, posing as people with a lot less wealth and power, to influence, mine and monitor the opinions of every body else?
Yes. It mainly is. And it is fairly misogynistic and racially biased as well.