I think wikipedia is a great source of information and has become one of the most used websites on the internet. For my stance, I wouldn't really know where to side with. I use it frequently for school and know why many other students would also use it. Like if a person were to google a subject, the first link would most likely go to a wikipedia article. So its very understandable that most students would use it.
As for universities trying to limit students from using it, I believe it to be a necessary action to prevent student laziness and temptation to plagiarize. Considering how many ignorant people can just alter someone else's work into something fictional makes wikipedia a very unreliable source at times. It is much simpler to just look at the references and see legitimate sources. There is no guarantee that the information is correct on the articles unless you crosscheck with other places.
I consider wikipedia a great starting point to find better analyzed information on a particular subject in its references. I think making wikipedia a source is a dumb idea to begin with. The information could change the next day. Students will always use wikipedia because of its simplicity and authenticity of the articles. Maybe professors should teach students how to use to better.