Wikipedia Announces Tighter Editorial Control
Well, I hope you improved the articles that you are moaning about. YOU are an editor. That is how Wikipedia works. If everyone sat around moaning about WP instead of helping improve it, there wouldn't even be a Wikipedia.
Anyway, WP has little to gain by being "taken seriously by a more mainstream audience". People can use it if they find it useful or they can not use it if they don't. There are now enough people that do care about WP to pay the bills.
It will never be like Encylopedia Britannica - but it has the potential to be so much more. It just takes people like you to improve it.