Reality: Press Releases have evolved, and - as "news releases" - are alive-and-well on the Internet. News releases can work for you - especially if you support the releases with a full-court press of social media outreach support.
As I noted in my premiere blog-post here, while there remains some utility for "press releases" designed to interest reporters, editors and other media gatekeepers, the real future for releases lies in the hands of PR pros who have transformed media-focused "press releases" into consumer-oriented "news releases." When a release is placed online via a wire service, it can be found by consumers directly, via key-word searches. Those "news releases" should be written for the reader, not the media gatekeeper (though if you can accomplish both, you've really got something!). However, under the New Rules PR 2.0. approach, this is just the beginning.
c. Tweet it - send the URL to the release online to all your followers, and encourage them to retweet it to their own followers.