Our new media environment allows for unprecedented recycling of content. With so many channels to fill, content can easily be used in multiple places without too much overlap of audience. This raises the stakes for making quality content rather than lowering it.
I hear too often the call do a project on the cheap because it's "only for the web", even though a successful web segment, if pushed to multiple channels, can have as much viewership as a high profile "non-web" project. Just because the viewership comes further down the Long Tail doesn't diminish the value of those views.
Because online content has multiple lives the effort should be raised because you never know where the content is going to show up down the line. What if by chance it does go viral? Do you want your best work out there, or something you just threw together?