Google Living Stories is different from other news sources because they update all content and give you the whole story, so you don't have to go back and dig for old news. Also they give you timelines, audio, and video all in the same place.
I think that this approach is good for learning all about the news and getting everything in one place. If you get confused about something in the news, you can always go back and see the old story to clarify and questions you have.
I think that Google Living Story should add stories from other sites to their page to show how the news differs from place to place. Also I think a comment section would be nice so people can add their opinion to the stories.