There's some REALLY good input already, but to add my two cents from the real world of libraries and the vastness of Star Wars:
It's almost impossible for anyone to know exactly what is going on in the universe. Knowledge rolls are just to make sure that someone even REMEMBERS a tidbit of information and how much of it is useful and/or practical.
An encyclopedia/computer/data spike to the brain will give you solid facts, but it won't give you the capabilities of analysis, understanding that information, or even what to DO with that information.
Real World Example:
I work in a library, and people walk in constantly with questions, such as "What does E=MC^2 mean?", "How do I write a cover letter?", "Where can I get my taxes done for free?", "Where is the printer?" and "Are you a librarian?"
Now, I can present these people with the information they need to find the answers; a book with the history of E=MC^2, a website sponsored by a company that writes books on cover letters, a non-profit organization's phone number that offers tax services, the large sign they are looking toward, or my name tag which has "Reference Librarian" written in big letters, respectively.
When they have that information, does it solve the problem? Half of the time, it does not. At. All.
Does it provide the information? Yes, it does. Do they understand that information? Not always, no.
With that, does it mean an encyclopedia with ALL of the answers become a game breaking thing or a certain way to learn things? No, it doesn't. It becomes a tool to look at and find information that may help you, but it's up to you to determine what the information means and how it can be used.
So a Scholar with a high Intellect and modest Knowledge skills can look up vital information as a refresher to get the right data lined up (because we all need it from time to time), process it, and determine what can be useful with the certain situation even if it isn't written.
Someone with a lower Intellect (i.e. like the patrons I mentioned) can have the information, but the information isn't enough for each situation at hand. It presents them with a fact to analyze, to adjust to the situation at hand, and it gives them something they actually need to think about to utilize.
In the end, encyclopedias count as either required tools (especially when the character doesn't have the Knowledge skill), a GM Caveat/Deus Ex (giving tidbits of information to ensure the party doesn't get arrested or charged when they go to Cona and have a few metric tons of salt in the hold), or a useful resource for whatever task is at hand they can use it with (a boost die when trying to determine the best gift for a local on Vortex).