You gotta love Mike's style. TechCrunch is banning embargoes. Now, bloggers are already notorious for breaking them, and at least TechCrunch is formalizing it. And by doing so, I think embargoes will gradually go the way of the DoDo.
The value of an embargo is the big launch, with multiple journalists covering the same thing (same message) at the same time. Often, an exclusive is given to one of the journalists, say a customer interview.
As I've said before, we are moving from a world of exclusives to inclusives. Inclusives build the story in public, involving more people in the conversation. This carries an observer effect, leading to a more engaging story that explores more angles in more places.