BOTS
Seconds, not minutes
On English Wikipedia, the counter-vandalism bot studied in 2013 made nearly every revert within 30 seconds of the bad edit, and most within 5 seconds.
Who spots whatHOW OPEN WIKIS REPAIR THEMSELVES
Anyone can edit an open wiki. Anyone can also put it back.

UNDO from the page history
12.4 min Median time to revert, bot running
A wiki keeps every earlier version of every page. Bots, people watching recent changes and people watching their favourite pages use that history to undo damage, often within minutes.
THE SHORT ANSWER
Researchers describe wiki quality control as tiers:
machines first, tool-assisted people next, everyone else after.
BOTS
On English Wikipedia, the counter-vandalism bot studied in 2013 made nearly every revert within 30 seconds of the bad edit, and most within 5 seconds.
Who spots whatHISTORY
Wiki software keeps every version. Reverting means restoring an earlier version from the page history; undo removes one edit and keeps later ones.
How a revert worksPROTECTION
Pages that are attacked again and again can be semi-protected, so only accounts at least 4 days old with at least 10 edits can change them.
See the numbersWHO SPOTS WHAT
Pick a kind of problem edit to see which part of the system usually deals with it. The bar shows how quickly that layer tends to act.
Based on Geiger and Halfaker's 2013 study of English Wikipedia reverts, the ClueBot NG bot's published statistics and English Wikipedia's protection policy. Other wikis set their own rules.
HOW A REVERT WORKS
These steps follow MediaWiki's own help pages, the software behind most large wikis. Your wiki's buttons may be labelled slightly differently.

Pick the last good version, from before the bad edit. There may be several bad edits in a row.
Use undo on the bad edit to keep later good changes, or edit and save the older version to restore it whole.
Write revert or rv in the edit summary with a short reason, so others can follow the change.
Look at the history again to confirm the damage is gone, then watch the page so you see the next change.
TWO NUMBERS WORTH KNOWING
One figure on how fast reverts happen,
one on how often a reader meets damage.
12.4 min
Median time to revert, bot running
When the main counter-vandalism bot went down for days at a time in early 2011, the median time to revert rose to 21.4 minutes. The edits were still reverted in the end, just more slowly.
TIME TO REVERT · GEIGER & HALFAKER 2013
0.37%
Chance a typical page view was damaged
The Minnesota study put the probability at 0.0037, less than one-half percent, though it found the chance had been rising over time. About half of damage incidents were repaired on the first or second page view.
DAMAGED VIEWS · PRIEDHORSKY ET AL. 2007
Both studies looked at English Wikipedia, the largest open wiki. Smaller wikis have fewer watchers and bots, so damage can stay up longer; their recent changes list is often short enough for one person to check.
WHY BOTS MISS THINGS
A counter-vandalism bot has to choose how sure it must be before it acts. ClueBot NG's operators publish the trade-off: held to a false positive rate of 0.1%, it catches about 40% of all vandalism; at 0.25% it caught about 55%.
That is why wikis keep human layers too. Older bots that matched lists of bad words caught only about 5% to 10% of vandalism, according to the same page, and subtle or plausible-looking errors still need a person who knows the topic.

Questions
On an open wiki, yes, though many pages carry limits. On English Wikipedia, semi-protected pages can only be edited by accounts at least 4 days old with at least 10 edits.
It depends on the kind. A 2013 study found bots usually reverted within seconds, while the overall median time to revert was 12.4 minutes with the main bot running and 21.4 minutes without it.
Undo removes one edit and tries to keep later ones. Rollback, for trusted users, instantly reverts all the latest edits by the last editor, with an automatic edit summary.
It shows recent changes only for the pages you have chosen to watch. It is for registered users, and your list is private.
Most damage is short-lived, but not all. A 2007 study found about 11% of damage incidents lasted beyond an estimated 100 page views, so check the page history and the cited sources first.
Updated
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