According to Wired news,
This wiki began as an unedited 1,059 word article on the wiki phenomenon, exactly as Ryan filed it. Your mission, should you choose to accept it, is to do the job of a Wired News editor and whip it into shape. Don't change the quotes, but feel free to reorganize it, make cuts, smooth the prose, or add links -- whatever it takes to make it a lively, engaging news piece. (Quote from the Wired Wiki)
Ross Mayfield reminds us that collaborative journalism does not always go according to plan:
Last time someone tried this it was a disaster, but Wired News has boldly put an article about wikis into a Socialtext wiki for anyone to be a Wired editor. ... This is of course different from the LA Times experminent as there is a clearly stated goal. It will be interesting to at least watch. (Quote from Ross Mayfield's Weblog)
I am particularly interested in this experiment, since I am in the process of doing something very similar as part of an O'Reilly Media project. Danese Cooper and I are in the process of writing a book on the Art of Community, which will start as a wiki. We are taking a similar approach by writing an initial first draft of the chapters, posting them to the wiki, and allowing the community to be our editors / collaborators on the project. We are still working on the details, but I hope to learn from the Wired news experiment.
On a related note, I couldn't help making a couple of edits to the Wired Wiki. This should be fascinating to watch.