TIME and the New York Times used to be in different businesses. The latter was a daily newspaper in which you might find "all the news that's fit to print." The former was a weekly magazine, and the company that bore the magazine's name published other weeklies. Like LIFE. Long dead.

Now, of course, TIME is still a weekly magazine. And the Times is quickly becoming a daily magazine or, rather, a series of daily magazines. Are these two entities in competition? Well, I suppose literally "yes" in that each of them provides less and less news. TIME is actually trying to imitate--forgive my hauteur--The New Republic on a more gauzy, gem