I do think that by virtue of breadth Wikipedia's version may become the best data resource in niches that have no specialized structured-data project for them, and it may give other informal-schema, broad-coverage projects like ConceptNet a competitor.
Wolfram Alpha is already completely worthless because it doesn't cite the sources for any of its results. It's basically just a fancy search engine built on top of a garbage dump.
Click "Source information."
The field is very exciting but not without grave risks. I am of the opinion that The final key breakthrough(s) in Artificial Intelligence will be raced and not collaborated towards. The advantages the possessor of such a system would have would be enough to test the purest of saints. Also, Computational Ethics lags far behind even current primitive attempts at AGI. Furthermore, there are insentives to leave off the moral breaks since the consequences seem ephemeral, burdening your system with ethics would further increase the search space - doing the right thing is computationally harder than doing what is best for just yourself. The future: step carefully.
For what it is worth, you can merge large data sources with automatic program construction today. I recently started a project in this area. ConceptNet has an excellent API. Then look at Genetic Programming, Markov Logic Networks, inductive logic programming, each with its own strength and weaknesses. Program Transformation is a related area where it deduces programs from formal specifications that are unoptimized or non polynonmial in time or space. The most interesting take on this I have seen: http://www.cas.mcmaster.ca/~kahl/HOPS/ANIM/index.html.
This is an important project, with the potential to eclipse wikipedia, maybe even growing to be the saviour of free software? My reasoning follows.
Currently we program computers by giving them a set of instructions on how to achieve a goal. As computers grow more powerful, we will stop giving detailed instructions. Instead, we will write a general purpose deduction/inference engine, feed in a volume of raw data and let the computer derive the instructions it must follow to achieve the given goal.
There are two parts to such a system: the engine and the data. The engine is something that free software is capable of producing. The missing component is the data. The wikidata project is this missing component.
I'm convinced that Wolfram Alpha is a glimpse of this future: an engine coupled to a growing body of structured data. Wolfram's end game isn't taking over search, but taking over computer programming and ultimately reasoning. It's just that search is currently a tractable problem for Alpha, one that can pay the bills until it becomes more capable. There will come a day when Alpha is powerful enough to automatically translate natural language into structured data, at which point it will spider the Internet and its database and capabilities will grow explosively.
Free software needs Wikidata, to arrive at this endpoint first and avoid being made largely irrelevant by Alpha (or Google?)