My two cents: A melding of wikimapia and wikipedia would be fitting, but I would prefer if one could only access the "create place" feature form within wikipedia, so that users simply geotag existing information. If a user can't find a an article, he will create one, and it becomes part of the usual and solid peer review process of wikipedia, and there is no longer a need to updating two sets of articles. In addition, since a map is added for the entire article, you would get much better data. Wikipedia also has a site for every country/language, which it seems wikimapia lacks, plus wikimedia only has the map as the interface, not articles, which means that it doesn't benefit from search engine indexing.
By the way: I took a look at my home town in Norway, Trondheim (http://www.wikimapia.org/#y=63421568&x=10417271&z=13&l=0&m=m&v=2) but the information there is pretty much useless, consisting mostly of oneliners. Compare that to http://en.wikipedia.org/wiki/Trondheim and I suppose you can see which presentation is the best. But at the same time maps on wikipedia would be a great addition, and the add place functionality on wikiamapia is great, so it seems like a match made in heaven. -mskogly