The Post-Intelligencer prints its last issue today, then will move into an online-only format, employing 88% fewer people in the newsroom than it did just today. Its news staff is shrinking from 165 to 20, and the company is hiring 20 people to run the business side.

This is the future of newspapers. I want to be optimistic that the P-I is going to succeed in its new form—that it’s breaking new ground as the largest paper to go online-only—heck, they just created 20 new jobs!—but I gotta say, looking at that front cover is causing my heart to leap into my throat.

We will, of course, keep an eye on the new P-I as it develops.