"Everything2" is a misnomer. Better name would be "Description of a hell of a lot of different concepts, take 2".
E2 is an incomplete description of reality. However, it's fairly comprehensive considering everyday use, and continues to get more and more complete. It is a description written by thousands of individuals, each describing part of the reality from a different perspective.
(Sorry. This fairly useful description just popped into my head last night, and I felt it was worth putting here. =)