I just wanted to say a word about that... We may make "fake Wikipedias" or so. Let's say that http://wikicompendium.org/wiki/encyclopedia:xyz:Main_Page is the main page of Wikipedia in language with the code xyz. Then http://xyz.wikipedia.org/wiki/Main_Page should be a virtual redirect to http://wikicompendium.org/wiki/encyclopedia:xyx:Main_Page (I think that I would be able to make a couple of mod_rewrite commands to make that). So, speakers of small languages would have their Wikipedia (Wiktionary, Wikibooks), and we will have one project managed from one place.
Looks like a very reasonable suggestion to me. As soon as we sort out the interwiki issue (which I believe is not such a big problem).
Cheers Yaroslav