To me, the fact that these expertly-created hoaxes on Wikipedia have eventually been discovered is a testament to the strength of the Wikipedia model. It's certain that there are still weaknesses, as have been outlined in other comments on this story, but if we were to be given a crystal ball to verify all of recorded human history, we'd surely find that a staggering amount of it is wholly false winners-write-the-history-books nonsense.
What's more interesting about this article is the staggering, agressive ignorance displayed by the commenters on the India Times website. If you're interested in a dose of outrage to get your blood boiling, give them a read.