(answer to the question "Is there still a point to creating press releases?" with all those blogging and social networking tools)
More than ever.
Anything can happen to the multitude of formal and informal messages you (willingly or not) send to the market ; you want to keep a trustable source for yourself as well as for outsiders :
- - press releases are a good exercise for your company, to formulate your position and put your action into words, take some distance with your daily routine, look back in the mirror anytime needed (paper and webpages tend to end up in dustbins)...
- - medias, bloggers, outsiders want to know your position on key issues, know the official line at any given moment. A company that communicates respects the market, and the market respects a company that disciplines itself.