Rock n' Knols
At Google's, a knol is a piece of knowledge wrapped up in one webpage. Adsense and all Google Labs toys welcome. Everybody's invited, and one can easily imagine something like "tell us what you know about ABC" popping up each time you type "ABC" in Big G's search box.
At Google's, knowledge doesn't have to be checked. This ain't no wiki stuff : you can claim the Earth is flat and was invented 6,000 years ago, you can say Obama had an affair with Oprah and Osama, you can praise your sect and hire a new PR manager devoted to knols, no one will challenge it.
At Google's, volumes speak. Nevermind quality. Actually, with AdSense and Knols, Big G is bound to replace Wal-Mart as the biggest private employer.
Let's make it straight : Google Knols is the anti-encyclopedia, the mother of all hoaxes, an insult to the knowledge society. "Google will not serve as an editor in any way, and will not bless any content. All editorial responsibilities and control will rest with the authors. We hope that knols will include the opinions and points of view of the authors who will put their reputation on the line. Anyone will be free to write. For many topics, there will likely be competing knols on the same subject. Competition of ideas is a good thing." For business, you bet.
The aim is not to compete with Wikipedia but to prevent Wikipedia from appearing all the time at the top of Google's search results. Instead of wasting the best advertising space, Big G will demultiply it and the beauty of it is everybody will do it for free.
Google is definitely not "[putting its] reputation on the line" : Google just doesn't care about its reputation.
Money can buy many things (including spectrum), but the era of a beloved Google seems over.