In recent years, profound media environmental changes have sparked a controversy regarding whether we are entering a new era of minimal effects. Focusing on one of the most important media effect theories, agenda setting, this study combines a panel survey and a media content analysis to test three claims derived from the new era of minimal effects discussion: (1) that recent media environmental changes have reduced the agenda setting influence of traditional news media to non-significance, (2) that increased opportunities for media choice have made partisan selective exposure the key mechanism behind media effects, and (3) that the availability of alternative online news sources reduces susceptibility to agenda setting effects from the traditional news media. Among other things, the results show that traditional news media still exert agenda-setting influence on both the aggregate and individual levels, but that these effects are weakened by use of multiple online news media. Overall, the results suggest that a generalized “we” have not (yet) entered a new era of minimal effects, and that certain media system characteristics are likely to condition the pace of any potential transition to a new minimal effects era.