Certainly a risk; in my personal case I read news magazines to see what I missed with the assumption that anything important would eventually be covered there. There were a variety of things that I was glad to be hearing about, but which I don't think hearing about sooner would have made me more informed.

I could be wrong, certainly I missed Paris Hilton's sex tape entirely.

But more seriously, there are very specific topics which I will miss by not watching the news if I have no other source of information -- particularly political action items and dangerous weather on the horizon. But both of those topics I am certain to hear about on facebook. Might vary by friend circle though, I have friends who work at NOAA as well as obama's campaign.

You test a) by following the news and making a note of what pieces are "important" and then whether or not you hear about them via other sources too.

What I do is not follow news of any sort. Then a few years later I realize I am still alive...must not have been important!