Blog posts tied to breaking news often suffer from a limited shelf-life--but they can help garner lots of juice-passing links that can help propel your blog (or the encompassing site) to the top of the organic listings. And there's a new plugin for WordPress bloggers that lets you automatically create 301 redirects so that you can pass the juice on from those highly-trafficked posts.
Search Engine People developed the free plugin, which is available at http://www.searchenginepeople.com/tools/wp-301redirect.zip. It allows you to redirect any blot post or page to any other post or page--whether its internal or external--simply by entering the new URL. And you can even choose a specific time and date to have the redirect occur.