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I'm interested in others experience in using Wikipedia or other Wiki collaborative editing environments.

In particular, where can you see useful applications of this technology and why will it add value in that application?

I have successfully used a wiki in the context of knowledge capture in a large Australian steel company. The wiki used was Confluence and all research staff placed information onto the system as a Technology Encyclopedia. I ran a pilot project before gaining acceptance by the rest of the Research Management team to make the wiki part of the knowledge capture infrastructure (alongside Research Reports and Technical Reports etc). I also championed a University study to assess reactions to the use of a wiki in this context.