If you're looking for a lite read on a Sunday afternoon, the Guardian has a gushy story about all the cool things happening in Silicon Valley these days, which seems to have been researched by a reporter who spent a long time hanging out with aspiring entrepreneurs at a coffee shop called Ritual Coffee Roasters in San Francisco. The best quote in the story comes from Rubyred Labs co-founder Jonathan Grubb, who proclaims 'The coffee shop has replaced the garage for internet start-ups. " I'm not sure whether this statement talks more to the coffee shop culture that has flourished in North America over the past few years, or the new no-frills, no-cost operating environment that start-ups have embraced.

Two seemingly unrelated developments this week in the world of user-generated content: Gather.com raises $10-million from a group of investors including Hearst Corp., McGraw-Hill and Pilot House Ventures to expand its citizen journalism business; and Michael Richards (aka Kramer) launches himself into a profanity-laced racist rant after someone heckled him during a stand-up comedy routine.

What the two developments have in common is they both involve user-generated content. Gather.com publishes it; Richards was thrust into the media spotlight because someone used a cell phone to record a video of his outburst. It has come to the point where everyone is becoming a journalist and nothing is private any more. It explains why "off the blog" may become a common disclaimer during personal and professional conversations - kind of like what CFOs dutifully read the Safe Harbour rules before a conference call.

At a time when traditional media under are siege, we're in the midst of a publishing renaissance/revolution where anyone can create and distribute whatever they want. It has spawned blogs, podcasts, video blogs, wikis, photo albums (Flickr, et al) and video libraries (YouTube, etc.).

But at what point does user-generated content cross the line? How much user-generated content does the world really need? And how does user-generated content get filtered for quality - if that's an issue at all? Don't get me wrong, user-generated content is wonderful and has changed how we produce, distribute and share information but I wonder there's a limit on how much content needs to be product and how much of this content can be consumed.

As well, how will the nature of user-generated content change as next-generation players such as blog networks become more established, while traditional media players, who have been on their heels in recent years, start to re-load strategically and get a strong foothold. Will major brands dominant the user-generated content landscape - leaving less room for the independents (including individuals)? Will the emergence of dominant players be good for user-generated content with the establishment of quality standards? It's all the unanswered questions that makes this phenomenon so fascinating.

Update: Some more thoughts on user-generated content and social networks (specifically about Digg.com) can found on Tech Beat.