Did you read the article at all?
This is not a Wikipedia project. It has absolutely nothing to do with Wikipedia.
It is being spearheaded by Jimmy Wales, one of the founders of Wikipedia. He recently resigned as Chair of the board of the Wikimedia Foundation, although he continues to serve on the board and hold the honorary title of Chairman Emeritus.
I sense some bitterness here regarding Wikipedia. I think it angers some that so much has been accomplished by a non-commercial effort for the public good, leaving out the potential for profit.
I find it troubling that several here seem to so quickly urge retribution against a competitor, and even against those that don't even have a direct connection with them but are somehow tainted by association. Sounds like something that might happen in Sicily in the previous century.
Wikipedia certainly has it's flaws, but it is a tremendous accomplishment, with a great deal of utility despite it's warts. It is anything but a failure.
I swear we seem to have been invaded by a few Ferengi. Just can't continence the thought of doing something with no profit.