Wikipedia has both good stuff and bad stuff. For example, it covers American roads, recent tropical cyclones, and popular culture very well. And these are some interesting topics. But it is also lacking in the hard sciences; coverage of those is rather deficient.
There’s also the power structure involved. For example, there is a claim that being a sysop/administrator (a kind of user with special privileges) is “No big deal“. That claim is utter nonsense. You see, if being an administrator is no big deal, why is (you or someone else) losing it such a big deal? And again, if adminship is no big deal, why is (you or someone else) remaining an admin such a big deal?
I am not sure whether Wikipedia will be a success in the long term. By its nature it covers current events better as articles can be updated in nearly real time as information becomes available. But this will not improve its coverage of neglected topics; lesser–known countries, more obscure fields, and the like. However, its power structure and hierarchy will simply get worse as users try to pad their egos and have power over others.