Maybe I've missed it but nobody has mentioned that SO allows posts to be in a community wiki format. Doesn't this reach a nice balance between the two?
Community wiki posts can be outright edited by low rep users, and higher rep users can edit any post.
The idea that a wiki is better for rapidly changing content is... odd, to me; it seems it'd be a wash at best. Then again I'm an SE Inc. employee, so perhaps I just don't see the difference.
