Well, we have an online magazine, the American Observer, which is produced by graduate students. It features articles, photography, photo/audio galleries and (after Monday's mega-visit from Barack Obama, et al) video, though the video is not embedded directly into the site -- the viewer is linked to YouTube.
We also have a Writing for Converged Media class, and lots of faculty members take it upon themselves to find multimedia outlets for their students work.
The problem, though, as I see it, is a lack of cohesiveness, common mission, direction, etc., as many other posters have noted. I wish as a faculty we worked together better. I'll expand on my complaints under "what's not working."
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Stephanie Blake
Assistant Professor
School of Communication
American University