But it doesn't automatically mean it doesn't. Note that WP, like LW, is largely populated by huge nerds who like detail and getting things right. I suspect there's more for LW wiki to learn from WP than most wikis would have to learn from it. I could be wrong, of course., this is personal surmise rather than experience.
Comparison with Wikipedia is difficult, as there is a crucial difference that Wikipedia has a huge number of contributors, as the world's Schelling point for collecting facts.
So, as people have probably noticed, there's fairly regular vandalism on the LW wiki which has been taking a while to address and which regular users have been trying to cope with by moving and blanking pages. This is a little silly - it doesn't resolve the problem and just generates more noise in the RSS feed for Recent Changes (to which I've long subscribed).
We need more administrators.
I suggest myself. I'm a longtime LWer with high karma, so I can't be too crazy. More to the point, I currently handle vandalism as an administrator on the Haskell wiki and have done so ~July 2010; I was formerly an administrator on the English Wikipedia (where I have been a contributor since ~2005); nor have I abused access that has been given to me elsewhere (eg. my shell account on http://community.haskell.org, the commit bit on the PredictionBook.com repo, etc.). In general, I think of myself as a wiki-savvy and trustworthy guy.
Administrators are created by bureaucrats; there are currently 3. Rather than simply message Yudkowsky or Matt of Trike, I thought I'd make my request public along the line of Wikipedia's Requests for Adminship.
If people object, please leave comments; if there are any other users who would like to be admins (David Gerard comes to mind as someone I know from Wikipedia and would trust as a LW wiki admin), likewise.