From the Google Blog, a preview of Google’s mashup of Wikipedia and About.com:
The key idea behind the knol project is to highlight authors. Books have authors’ names right on the cover, news articles have bylines, scientific articles always have authors — but somehow the web evolved without a strong standard to keep authors names highlighted. We believe that knowing who wrote what will significantly help users make better use of web content. At the heart, a knol is just a web page; we use the word “knol” as the name of the project and as an instance of an article interchangeably. It is well-organized, nicely presented, and has a distinct look and feel, but it is still just a web page. Google will provide easy-to-use tools for writing, editing, and so on, and it will provide free hosting of the content. Writers only need to write; we’ll do the rest.
A knol on a particular topic is meant to be the first thing someone who searches for this topic for the first time will want to read. The goal is for knols to cover all topics, from scientific concepts, to medical information, from geographical and historical, to entertainment, from product information, to how-to-fix-it instructions. Google will not serve as an editor in any way, and will not bless any content. All editorial responsibilities and control will rest with the authors. We hope that knols will include the opinions and points of view of the authors who will put their reputation on the line. Anyone will be free to write. For many topics, there will likely be competing knols on the same subject. Competition of ideas is a good thing.