When evaluating a CV, an encyclopedia article should count as negative one publication. (This doesn’t apply of course for something like the Stanford Encyclopedia of Philosophy).

My reasons:

(1) No one reads encyclopedias anymore.

(2) The editors of encyclopedias are usually washed up Associate Professors who don’t publish peer-reviewed materials any more, or who never did.

(3) Agreeing to write an encyclopedia article demonstrates that you don’t value your own time very highly.

(4) It doesn’t produce new knowledge. (If your counterargument is that it’s for broad, public readership, consult number 1 above).