I stopped editing Wikipedia in 2005 or so. I can go back to articles in my subject (linguistics) that I used to follow, and I find mistakes that are still left there half a decade later. There have been plenty of edits in the meantime, but they've never fixed specific factual errors.
Ok, let's see about my area. I found Wikipedia slightly helpful when I was looking for simpler approaches to computer-language parsing, around 2003. However, the material seems skewed toward recent research and tends not to tie in prior art. Oh sure, in 2006 someone added a stub for Schorre's influential "META-II" technique from 1962 -- exactly the kind of simple, practical approach I was looking for -- but in all the Wikipedia articles on parsing, there's nothing to point me in that direction. The META-II stub links to TREE-META, which looks interesting; I wasn't aware of that until now. So there's some value in Wikipedia, but primary sources are much better.
Encyclopedias in general provide a shallow overview of many subjects, and are not intended to be definitive sources. I've seen a few factual errors and unsubstantiated opinions in 'reputable' published encyclopedias, so it's not just Wikipedia. But since Wikipedia is open and unlimited in scope, quality control is problematic, and inevitably it becomes a breeding ground for little fiefdoms of self-aggrandizing researchers and such. What's worse: editor bias lurking in the Wikipedia backwaters, or the 'objectivity' that allows garbage to accumulate because nobody has the authority to purge it? I guess it's the latter, because it exacerbates the fragmentation of human knowledge... whereas 'proprietary' encyclopedic works tend to synthesize knowledge.
The internet is a great distribution medium for the inherently biased work of individuals and small groups, which I shall continue to rely upon. The dream of a superior 'hive mind' ('collective wisdom', 'community', whatever you want to call it) is just bunk. It's waste of time. Even compared to Slashdot.