Wikipedia, on its own, is a horrible source. However, their better articles tend to link a LOT of sources that ARE scholarly and reliable. In this sense, it works to bring a lot of sources together in a convenient place, making it a good place to look for sources nonetheless.
However, I question how well this whole scheme will work out; I don't want to read pages highlight a whole myriad of colors. And what about the cases where someone makes an edit, but didn't notice that Wikipedia had logged them out? (you can't log into WP permanently) Their edit then gets highlighted as if they were any other anonymous noob, even if the editor was someone with a well-established account. (or even an administrator!)
Personally, I'll not be using this; if I need reliability in my sources, I will do as I'd always done; check the citations (or note the lack thereof) and use THOSE. This change is no suitable replacement for that. Nothing ever will be.