Wiki Wiki Hourrah!
Peter at Libray Garden posted about a Wall Street Journal debate between Jimmy Wales and Encyclopedia Brittanica editor Dale Hoiberg. Very interesting stuff.
There was also a Nightline feature about Wikipedia featuring a good bit of interview time with Wales the other night. They asked Wales about the Colbert elephant prank among other things. The video is available for your perusal.
I really don't have a problem with my students using Wikipedia as a source as long as they understand how and by whom the information is created and edited. And the basics of the philosophy behind open source, which I discuss a little in class. I think The Community, as Wales calls it, does a good job of keeping information current and relatively accurate. Of course as with any source, evaluate the info and verify in other locations.