The SPIEGEL and Instapundit think so:

"If you want to find out more information about this week's tsunami of biblical proportions in Southeast asia and how you can help the victims, the best place to go is a new blog in the Indian Ocean region that's compiling everything from requests by organizations seeking donations to victim lists. "

While the tragedy in SE Asia (places I just visited some months ago) is though to realize it also shows the increasing role of blogs and bloggers very close to the scene posting with amazing speed about current developments. Seems this medium has potential.