How often do you plan on updating this personally? And where do you get your information?
Right now I mostly update what I come across. All the games I own myself, when they get an update, I take that information from the PS4's update history and type it into the system (fortunately I type fast). Ideally, more people start doing this with more platforms (don't have an Xbox One yet) and more games (I'm currently not in a position to buy all games out of pocket

).
The idea is that the information is crowd-sourced - the more people use it, the more data it will have. Then I can focus on getting the data correct (data verification is in place) and cleanup or merge where necessary.
My sources are Digital Foundry, beyond3d (I'm a long time member there) for technical data, Wikipedia and the various online stores for publication data and multiplayer options, etc. Where possible/necessary I try to link to the source. Links to reviews I often take from Neogaf review threads. I'll be focussing on getting more ways of getting data into the system as efficiently (and legal) as possible.
There are a lot of threads here at Neogaf that would greatly benefit from using this database. For instance there have been several threads already about Chromatic Aberration in games. This is a simple flag that can be ticked under Graphics/Effects, after which you can report on them from there and refer to that report in future discussions.
For instance:
http://techingames.net/Features/Details/281 or one level higher:
http://techingames.net/Features/Details/279
Same for review threads, OTs, etc. And should any new effect come up in the discussions, anyone can add a field for it into the Features tree with just a few clicks in the site. I don't think many people realize how powerful this part is.
Unlike projects like Giant Bomb that don't want the data to be used to create anything of commercial value (still a great project though!), my prime goal is to have a good database, so I am not worried with not getting credits for the traffic for now. Ideally I want this so it can be used by anyone, commercially or no, more like Wikipedia than anything else, really.
When the time comes that the load becomes so large that additional money needs to be spent, there should be enough parties interested to voluntarily donate some money. I have seen several examples where sites and projects can be kept completely add-free, and this is something I'd love to strive for.
Being a good database is the prime goal, not a side project. So with the data model in place and the basic user interface for content management pretty functional, the real work starts now with getting people interested in getting data into the system. Any input about the best way of doing so is appreciated. If needs be, I'll see if I can get some students from a local university to pitch in, perhaps with a small financial incentive (I have a day job).
At the very least I want to have the information on the current generation as complete as possible, though being 40 I am obviously also interested in getting highlights from my past in there.

(which is why you can already find some Atari/Amiga stuff in there right now)