It's different than Wikinews in a few ways. (I've used Wikinews in the past and had its qualities in mind when I was brainstorming this.) First, Beta Journalism will be more friendly and geared toward news websites. It will probably end up being an add-on for news sites rather than an entirely new CMS. (That's still up in the air.) Second, the creator of the story will decide what changes take effect. It gives the journalist the chance to verify facts or make extra phone calls before the changes appear in the story.

Lastly, news organizations will probably only want to make one big change for each story. Rather than have a story that's constantly in flux, like they are on Wikinews, news organizations or journalists here can decide to release just, say, two versions of the story — one “beta” version and one final version. It will be up to the news organization how separate changes they want to approve.

I imagine most stories tend to evolve over time, sometimes quite rapidly. A change log would show how the individual story itself was modified.

My only question, how is this different than Wikinews? http://en.wikinews.org/