They have gotten along for a while doing basically the Encyclopedia Americana format of usually one picture per topic. This was more modern than Encyclopedia Britannica, who standardized on one picture every fourth or fifth entry.
But the web is so visual these days, the the Wiki seems like it’s stuck in the days of dial up and fear of pictures.
If I had to bet, I’d say Microsoft will be first to try to knock it off the hill, with a newer Encarta. And then Google will put a small platoon on it and do the job. Maybe just buy the rights from a few of the European versions to start with.