In terms of producing movies, music or other kinds of content, the only real value that remains in the studio model is financing. That is, someone pays to make your movie based on how excited you can make them in 10 minutes. With distribution being replaced, there may yet be a business model in production financing. Maybe "get enough people on facebook to like your script, and we'll give you 60 million dollars to make it...." or "hey everyone vote up our spec album"That sounds more like a nightmare to me.
I've got a lot of friends who lack the ability to distribute themselves well. Actually, it's almost all my friends. Most musicians I know aren't good at publicity. In a scenario without effective distribution, the viral scene favors not the best work, but the most easily digestible work. That means a trend away towards complexity, which is not necessarily a trend I'd want to see.
Trent Reznor seems to be the flagship of this attitude of "a musician ought to do everything himself and publicize himself to death." That's great for him to say, but what about the people who can't do that as well as he can? I mean, NiN isn't particularly a brilliant band; it's good, but there's a lot better out there. Reznor is iconic not because he's the best but because he's the most savvy. Again: not certain that's a good thing. Not every talented person is good at promotion; we'd lose a lot of meaning for the sake of a lot of fluff. Distributors aren't a perfect solution, but they at least act as a sort of safegate. They do the work other people can't.
If I saw the opening 10 minutes of 2001 I wouldn't be excited. Ditto Blue Velvet and every Lynch film, ditto most Coen brothers films, ditto pretty much every movie I love that isn't made by Edgar Wright. You're asking people to judge a book by its cover, and that's not exactly fair.
The crowd sucks. The crowd is stupid. Look at Shirky's recent article about #amazonfail. Individuals become stupid when they become part of a mass. That's why the best producers and distributors tend to work alone or in small groups: because crowdsourcing doesn't work when it comes to finding good things. I don't trust even my handpicked Facebook friends to like good things, so I don't know why I'd trust the rest of the users on Facebook any more.