Wikipedia, knowledge tyrant?

Microsoft got slammed by Wikipedia recently since they attempted to hire someone to edit their entries within the infamous open community encyclopedia. Microsoft claims that the wikipedia entries had misinformation. They also claimed that repeated attempts for them to try to convince someone at Wikipedia to fix the entries have been ignored and they were attempting to hire an independent source to find those mistakes and correct them.

Wikipedia has a community of volunteer moderators to do these things, the fact that Microsoft would hire someone to do the changes makes it an immediate reason for the Wiki staff to try and stop them.

My question is if Wikipedia isn't becoming a bit of a Tyrant. At what point do we start questioning the content that appears on Wikipedia? It only takes a handful of moderators to despise a company or product to allow perhaps slight inaccurately information to exist.

Stephen Colbert attempted to try this during one episode where his word of the day was Wikiality. He attempted to change the african elephants page so that it would say they were no longer threatened to be extinct (Ironically, this is all documented on Wikipedia). His point was that if enough people believe it to be true, then it must be true.

So when will enough people believe in Wikipedia that even false information on there will be perceived as true? As of now, I believe Wikipedia is doing their best to remain objective -- they always require citations from sources on the internet -- but how long before it becomes so big that it's out of control?

I'm not saying Microsoft wasn't trying to be shifty, but Wikipedia needs to be watched.