Scholarpedia is a new wikipedia style encyclopedia, or should it be called an encyclopedia when it is not meant to cover everything from the smallest to the biggest?
Scholarpedia is supposed to be a specialized wikipedia where experts in their fields write about the stuff they know about. So it is supposed to take subjects from wikipedia like saltatory conduction and make a pretty in depth article about it by an expert in the field. When the first article is created a curator is nominated for the article and every time someone wants to edit the article the edits go through the curator first and he decides if the edits are appropriate or not. It's not a completely free editing encyclopedia but almost (of course people could get dissatisfied with the curator, how the community of scholarpedia will react to that I have no idea).
Hope it will do good and get more physics articles in there :-)
At the moment it is more focused on computer engineering and biology related articles.