I think it is absolutely awful to use Wikipedia as a source for academic purposes. It is great for fun background information, and I use it all of the time myself. However it should not, at least in it's present incarnation, ever be used as something to cite.
For example, my girlfriend is finishing up her Ph.D. and has been teaching classes off and on for many years now. Her and her cohorts read Wikipedia to make sure their students are not copying/pasting information from Wikipedia. Apparently another instructor found a paper that was just a Wikipedia articled that was copied word for word - links included! And, this is a major, major university but I don't want to start drama in another direction so I would rather not mention the name but it is a ~40,000 student university with some serious funding, so this stuff isn't just happening and Bubba's Community College (not that there is anything wrong with Bubba and his community college).
Anyhow, she has told me that she has found quite a bit of information that while not necessarily wrong is not exactly correct either. And, these errors are things that only people with an extensive background knowledge will found - meaning that if you were to use those articles you would be wrong and never know it. I have seen the same thing when I looked up things that I do at work on Wikipedia. The way it is written may be right any many ways, but it is not really accurate either. However lay people would never know this.
Again, Wikipedia is a useful tool and I enjoy using it, but it should never enter the academic field as a serious source of information.