Setting aside Orlowski's kneejerk response to anything Wiki - I'd say, wait and see.
There can be little doubt that 'professional' journalism is approaching its lowest point (it was never a respectable profession at the best of times). Any efforts to to counteract this decline should be given a fair chance.
But there are two factors which need consideration; one is that the most egregious bias is shown in what is not reported at all, rather than the way in which the subjects which are reported are covered. 'Professional' outlets select their items according to the picture they wish to paint. I can't see anything in Wales' approach which will address this.
The second factor is the overwhelming laziness of most journalists. They hate writing a new story, when they can re-write an old one. Never write their own story if they can steal someone else's. Run away from stories where they can't rely on a pre-digested view of good v. bad.