What Wales will find (and I’ve talked with him about this) is that unlike Wikipedia the news world isn’t suffering for lack of content. Specifically, every single thing you could find on the WikiTribune page you could find in another place, probably written just as well, and still available for free.
WikiTribune needs to develop an edge. “We’re accurate” isn’t an edge, because most people consider news accurate and authoritative. “We’re fair” doesn’t matter, because the people that think news is inherently biased have a (probably biased) news source that they consider unbiased. They don’t appear to be taking a “We’re focused on only important stuff” or any of the other ways they could differentiate.
The power of crowdsourcing can/should be to produce types of news that for-profit news doesn’t do as well. Deep, investigative stuff that’s hard and expensive to do if you’re paying people for it. But that’s hard, and not many people click on it. Once you’ve done all that hard work, someone at NBC will take your research and write an article about it, tapping their enormous audience, and link back to you as a source (hey thanks!) Most people will never click.
There’s very little incentive to perform the type of journalism that’s actually needed, and even if you create it you don’t necessarily benefit from it.