You want to fix this "encyclopedia"? I posted some of the requirements on Wikipedia Review many months ago. For reference, I will repost and expand them here.
1. Jimbo Wales has to leave. He should turn over the server admin passwords to a professional, responsible IT person who is salaried by the WMF.
2. Said IT professional has to make some major changes to the MediaWiki system currently hosting WP. Changes would include but not be limited to:
a. BLPs must be heavily restricted and protected, or better yet, removed entirely.
b. A proper set of guidelines for editing and administration should be enacted AND ADHERED TO. This would include limitations on the powers of all administrators, and requirements for editors to be personally responsible for whatever they do on the wiki. No more IP-address editing. Anyone seeking to write for WP must apply and be approved. NO PERSONS UNDER THE AGE OF 18. "Assume good faith" my ass.
c. ALL administrators must be elected by OPEN BALLOT, by the editors whose work they oversee.
3. Most critical to the project's success: certain untrustworthy administrators MUST BE REMOVED and banned from WP PERMANENTLY. This would include but not be limited to:
FT2 Durova David Gerard JzG MONGO Jayjg Elonka Jaakobou Raul654
Either make drastic changes, or Wikipedia will continue to decline.