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Heh, this is pretty interesting -- with the caveat that this really only makes sense as a ranking for research institutions (which I think the author addresses quite nicely in his definition of 'contribution to world knowledge'.)

Related note: at what point do we expect to see things like Udacity and Coursera to appear in the USNWR college rankings?

I've actually computed a PageRank vector for all articles in Wikipedia. If you are interested, Coursera is about 0.0013% of Harvard which would put it very close to the bottom of the ranking.
It would be interesting to compare your ranking to that obtained by simply sorting by the number of alumni with their own wikipedia articles.