I support the initiative. New user experience and education is a critical area where Bitcoin is sorely lacking.
But attempts to make newbie guides have been made, and to make this one successful will require a lot of quality work.
How I envision the guide to be: Have an actual introductory text that touches very briefly on all key issues. Have the text of each point link to a page/FAQ section that explains it in more detail, so the reader can focus on what's interesting to him. It should all be in the wiki, the reader shouldn't be forced to hop between multiple sites. This also means that the quality of the rest of the wiki needs to be greatly improved.
I'd remove the link to the bitcoin.stackexchange root, 99.9% of people aren't going to ask any questions there. And answers to specific questions should preferably be ported to the wiki.
Feel free to improve it.
I think the SE link should remain ... add links to specific questions you think are suitable to noobs.
Perhaps at least 1-2 more links about mining are appropriate.
