In my opinion, auto-conversion to community wiki status has a nasty habit of ruining great posts on Stack Overflow. You pose an interesting question, and people post a bunch of copycat answers hoping to catch a ride on the reputation train. You work to maintain an answer over time, and you're punished by having it expropriated by "community wiki."
As I understand it (and I may very well misunderstand it, since the whole feature has never made sense), community wiki is to encourage more collaboration on posts by lowering the reputation threshold for editing. However, the suggested edits feature provides a better mechanism for allowing low reputation users to contribute to existing posts.
I think community wiki is obsolete.
Could we have some data on how many edits on community wiki posts were made by users under the normal reputation requirement? How do those compare to the number of suggested edits?
There are still plenty of problems with auto-conversion to community wiki. I'd like to see it go away.