Useful guide from Mashable http://mashable.com/2009/09/24/indie-journalism-guide/
From a UK perspective all sounds great apart from when you get to the bit about monetising your content. I doubt if Federated Media, for example, would sell your ads unless you were doing a million or so page impressions and it could take you a good few years to reach that point.
Would be good to set up a session like this in the UK going through how to set up sites and monetise them etc with a load of people pitching in ideas etc. Anyone up for it?