Yes, Wikipedia's model of consensus is a good one, because it has proven to be effective. Wikipedia's model does not sound like it will work, because it sounds like there will be a lot of bad apples that will ruin contributions, but a look at Wikipedia in reality shows that it works well. It shows that people are willing to work together to make an accurate website.
Many heads in academia have long stood against wikipedia but I believe wiki sources are often times accurate and can provide useful information for many topics. Many people also overlook the devotion that the wikipedia volunteers have to providing accurate information as it has become very difficult to inject false information into any article on the site.