O'Reilly's show, like Hannity's, is news commentary, that is, they are essentially video editorials, or, if you prefer, talk-radio made for television. There's nothing wrong with that; it is what it is. MSNBC and CNN have programs that are largely that too, though the format is somewhat different on CNN from that found on Fox and MSNBC. I guess someone in the networks' marketing divisions have determined that in along the journalistic spectrum that puts hard, "adjective free" news at one end and purely speculative commentary at the other, cable news viewers want less "hard news" and more "punditry."
When I was a young adult, I used to enjoy -- i.e., I made a point of watching it -- watching Firing LIne. That show was pure analysis and commentary of current events and public policy. The show eventually went off the air, and though I miss the show, that it is no longer around isn't problematic, isn't indicative of an assault on free speech, etc. It's not around, and that's that. So it will need to be with O'Reilly's show, and Hannity's too if it also goes the way of the dodo.
These days, I read the editorial pages of newspapers, a smattering of professional journals and publications, and a handful of magazines. I encounter the news commentary that comes on CNN, but mostly I don't pay much of that stuff any mind, although there are some commentators on CNN who occasionally offer insights and lines of thought that I hadn't considered, or that, based on their commentary, I am called to consider whether I may have inaptly over or undervalued, for a given issue. That happens mostly for issues in which I have only a passing interest; on issues that I genuinely care about, I'll have "done my homework," and no TV editorialist is going to present an angle that escaped me, unless they perhaps have access to information that I, quite simply, do not. That's the value I see news commentary, editorials.
Now editorials are wonderful, but if they are the foundation or important building block upon which one builds one's views on "whatever," whether one realizes it or not, one is acquiescing to being told what to think about the topic itself and the politics surrounding it. One needs to consume not opinions, but data and perform one's own analysis. Though editorials typically contain some data, they are still editorials; the data will be the data that supports the argument the editorialist aims to make. If one hasn't done one's own data collection and analysis, how could one possibly know whether there exist other data that is more germane, or that indicate the weighting the editorialist assigned to the data s/he included? One cannot, unless one can perform something akin to a Vulcan "mind meld" with the world's information repositories.
And that's the thing with editorials. Their raison d'etre is not to share information, but rather to inform readers of the conclusions the writer has arrived at based on the information they had and saw fit to value to greater and lesser extents. Well, I don't need to know what someone else thinks before I've collected relevant raw information and thought about it, the matter as a whole, confounding/contributing secondary factors, etc. myself. Using any other approach will jaundice my objectivity, at which point I'm disserving myself. Well, I'm the last person to whom I care to do that.
So O'Reilly is gone. Hannity may disappear too. Oh, well. Guess what, (former) watchers of those shows? You'll get by just fine without them, as I did when Firing Line went off the air, particularly if, for the issues you care most about, you build your own "portfolio" and don't rely upon theirs.