From the dates of the discussions, it's been a long long time since the last drive of About Me clean-up. I only recently started doing some, and have come to my own preference. If you'll allow me to describe it briefly, then I'll turn to making a computer script that does clean-up on a massive scale.
My way of doing it:
Straight copy & paste from the "intro" section of English wikipedia page, add the link to the name (between square bracket, and making the name bold), remove any reference numbers and italicize wherever it needs to be (e.g. book titles). I remove the dates (after checking they are already entered in the profile) because I want to be able to see the first sentence from project's peek view. I sometimes try to use the short form of the name; the long form is up on the profile.
Most recently I started adding Geni links to any reference to another person. Geni is probably the unique place where all names can be linked. I found it much easier and more fun to read or skim, and it invites the viewer to "jump" to a totally different branch of the tree. I also experimented with adding links to all repeating references (of the same name), which is not the wikipedia practice. Here are two profiles that I just did:
Dr. Martin Luther King, Jr.
Coretta Scott King
And I would remove the rest of the wikipedia article that someone else has entered, IF it was just a straight copy. If I see some editing work (making headlines, remove extraneous characters) I would leave it alone. I know Randy Stebbing prefers to give a "wikipedia summary", with lots of ellipsis. My hope is that we can come to some sort of agreement on the "best practice".