There is only so much lore some can take but the codex system seems the best way to bring this type of thing to the masses. A great many games have had similar story background features like this, but I'm sure nothing to the extent of being 120K words long.
Star Wars Wiki is going to be getting a massive influx of new information like never before. Star Wars nerds from across the world will have a staggering amount of new data to dive into. Maybe they will even serve to settle old arguments that have yet to be answered.
I like these type of things though I would not go as far to say that I would read them all. They are darn good at settling little disagreements when they arise. Not having to leave the game to look up the lore does have the added bonus of keeping you playing.
And the best thing about them is you do not have to use it. They are in place for anyone that wants more info on the game. This will also leaves your normal mmo gamer types well alone, and still give those that want to know everything about Star Wars, copious amounts of Intel that will keep them happy for years to come.
You can catch this weeks update here.