Last month, WIRED picked over what looks suspiciously like the soon-to-be corpse of WikiTribune, Wikipedia co-founder Jimmy Wales' attempt to "fix" news:

According to other former staffers (who asked not to be named), that was not the project’s only miscalculation. They paint a picture of generalised improvisation and lack of direction, in which founders scrambled to chart a way forward while failing to grasp the practicalities of journalism and news-gathering. Wales wanted to rescue journalism, but, to his team, it was not clear whether he understood journalism in the first place.

It's a lovely mix of the arrogance of the one-hit founder, and the general lack of understanding of how complex journalism actually is. Wikipedia has enough problems of its own (and new competition) - this feels like a not-terribly-useful distraction.