The first step is to search the major search engines to see what types of websites are ranking for words which you deem to be important. For example, if mostly colleges, media, and government institutions are ranking for your most important terms it may be difficult to rank for those types of queries. If, on the other hand, the market is dominated by fairly average websites which are not strongly established brands it may be a market worth pursuing.
You can extend out the research you get from the search results by using the SEO for Firefox extension with the Firefox browser. This places many marketing data points right in the search results, and thus lets you see things like
* site age
* Google Page Rank
* inbound link count
* if any governmental or educational sites link at their site
* if they are listed in major directories
* if bloggers link at their sites
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