I'm glad that somebody is finally doing this, instead of just sitting around complaining that wikipedia isn't what they want it to be. Complaining that wikipedia isn't an indiscriminate collection of information is like complaining that Target isn't a fine lobster restaurant -- it was never intended to be and it's fine the way it is. There's enough "inclusionists" out there that I'm sure they can build a parallel encyclopaedia with a slightly different philosophy, and if (as I suspect is true) it turns out to be swamped with useless and unverifiable information (not to mention a huge number of vanity pages) then at least we'll know.
However:
[it] will discard ‘notability’ and other ‘encyclopedic’ standards in favor of ‘true and useful’
I'm not sure how "useful" differs from "notable" and I suspect they're just going to wind up having the same arguments about different words. For instance, is a ten thousand word biography of my cat both true and useful? It's certainly true, and it might be useful to someone at some point, so why delete it?