I believe that in any descent university, citations to Wikipedia is often considered to be a sort of an offense. And I understand why because the content is often flawed and based on "public opinion". However, something can be done to improve this situation, especially because Wikipedia is a good source for finding other secondary sources. And as a historian, I think I've learned from this website on general history much more than any other individual source.
However, based on the fact that it IS a non-profit organisation (and its value in its public service is, I believe, highly commendable in informing the public over various topics) shouldn't the academic community, if they see flaws in wikipedia articles, work on the website to improve them based on their expertise on their subjects? If I go to articles that concern topics that I have written papers on, I can easily spot inaccuracies or just a general lack of articulation, and there are almost always hundreds of ways of improving upon them. Because this is a centralised database, I don't see why no one has come up with this.