I sympathize with the sentiment expressed by the OP here, but his conclusions -- especially that the VisualEditor project is not worth undertaking -- are, I believe, very much off base.
The Wikimedia Foundation did a great deal of research, including professional usability testing, and reached the (I believe fairly self-evident!) conclusion that a visual editing environment was sorely needed. You can go look up videos of regular people attempting to contribute to Wikipedia if you don't believe me[1].
The difficulty of the task, the particularities of hardcore Wikipedia editors, and the importance of preserving the record that Wikipedia's edits represent makes the project have a very real amount of essential complexity. If you think this is easy then you have not done much work with complex rich text editing on the web[2]. People in this thread suggesting Wikipedia use an off-the-shelf OSS rich text editor don't understand the requirements of the problem.
The team at the Wikimedia Foundation has done an exceptional job given the task at hand, especially given their relatively small amount of funding (relative to other sites Wikipedia's size). The reasons the VisualEditor isn't enabled by default have to do with getting from a 97% solution to a 99.9% solution[3], and based on the work I've seen out of the Wikimedia engineering team, I'm sure they will get there.
1. http://commons.wikimedia.org/wiki/File:Wiki_feel_stupid_v2.o... and http://usability.wikimedia.org/wiki/Usability_and_Experience...
1. Or really any kind of rich text editing.
2. In terms of never, ever causing a problem with the underlying wikitext.