Yes, there are clear differences in methodology between a term paper and a Wikipedia article (completely aside from wiki versus non-wiki), as well as in genre of writing style, which is certainly non-trivial. But I still admire people who are taking the initiative in this regard - even if they are making mistakes (provided they/we learn from those mistakes!). There is an interesting ongoing writeup by an educator in the University of British Colombia about his experiences of a similar project:
http://en.wikipedia.org/wiki/User:Jbmurray/Madness