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Justapedia has forked English Wikipedia almost three years ago and is doing good so far, even if they're still ignored by major search engines.
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This suggestion ignores network effects.
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Right, which is one of the most valuable parts about Wikipedia (or truly any product) and should be factored in.

The information on Wikipedia is important, but the existence of Wikipedia and you and I both knowing about it is more important. This is why building up existing institutions is almost always more valuable than the "burn it all down" populist mentality we see in politics today. Just the existence of the current thing represents some inertia, some energy, some goals, and that has value.

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