This post clearly describes the problem that I see with all current portal implementations: they treat content as “just another application running inside a portlet”. When we stick to this paradigm, it will kill Portal. Content behaves very different from legacy apps, and simply offering a contextually disconnected content management portlet is not enough. Content deals with semantics and relationships: users expect a portal to be smart enough to render content that is related to the apps they see right there on their screen, and they expect content to be reused across different sections in a portal, wherever that makes sense. Not to mention user-generated content.
Wikis gave users the possibility to quickly create and collaborate on content, but they don't come with the visual application integration that Portals offer. And they lacked the degree of control of a decent content management system. Integrating Portal and CMS is more than just adding a 'content portlet'. Adding an in-context application to a Wiki page would be more in line with how users think. They navigate your online consumer portal, find a page that answers their question and then they want to act on it directly. The FAQ page on “How to request a new password” should render the “New password” portlet in-line with the article. This is just an example - but this is clearly the direction Wikis are heading as they're maturing towards something that resembles an integration of Portal and CMS, and they're leaving traditional Portals way behind.
Portal vendors need to move towards the Content Driven Portal. At least, this is direction we've chosen to go with Hippo Portal. Users want URLs that make sense, that say something about the information that can be found on a page. They want to pop the URL of a portal page into an email and send it to someone else and it should just work - within the appropriate security constraints of course. What applications are shown on the portal page should follow the context, not the other way around. People got used to this concept during the Wiki revolution, and they'll never want to go back.