I work for a big, very well known internet based company which shall rename nameless for obvious reasons, but they advertise a lot on digg and... anymore info will give them away.
Anyway, recently I was contacted by a customer threatening a lawsuit because he was not happy with our company. When I asked what to do with the customer, I was told that threatening a lawsuit was a non-issue and that according to our Terms of Service (TOS) we're really responsible for nothing.
Later on, the department I'm in had a meeting. We were told that a customer recently started a blog expressing dislike for some issues he had with our company and it had become very popular, garnering many comments. We were told that a manager should be notified immediately if any customer stated they were going to blog about disliking one of our products. When asked why a lawsuit was a non-issue but a blog is a important, we were told that lawsuits take months, don't get much publicity and because of our TOS would not survive in court, but a blog takes seconds to post and could be seen by many potential customers, causing far more long term damage.
I thought that was rather interesting, that the blogs now have more power than the legal system in the new internet based world of business.