The way I see it working is that staff would report, essentially, what vNPCs would know, based on monitoring PCs and reading player reports, rather than taking explicit submissions.
This is how I imagined it! I'm not certain player submissions are a good idea -- sounds like a paperwork nightmare, and an easy way to hurt feelings.
I could see players contributing insofar as staff asks them "Hey, we're gonna add x to the Current Events Feed! Would you like to write two sentences? We may edit them."
What if...there's plots happening, and the staff posts a post about it. Things get worked on in game. Then, the staff responsible for that particular plot has to go away for a few days and the plots change during his absence. The updated post won't get posted. And players who are new to the game/area/plot will think nothing's new. And they'll react accordingly. Then when they find out otherwise - staff gets blamed for not "doing their job." Things get ugly, and feelings get hurt. The griefers have a new shiny toy to play with.
This isn't too much different from the current bulletin boards, I think. If someone informs their actions by some outdated bulletin board posts, that just means they aren't in the know, and people respond accordingly. (e.g., "Oh, no Amos... someone collected that bounty. You're too late!")
Furthermore, I'm not certain this has to be a day-to-day sort of update about every public plot going on. Rather, as Nergal put it, this would be big things vNPCs might realistically know about, but not things so big that they warrant being put on the Chronology page.
What if...there's plots happening, and the staff feels it's not "known" enough that it belongs on a public forum? And what if - some of the players, having found out about the plot, feel otherwise? Staff will get blamed for not "doing their job." Things get ugly, feelings get hurt. Griefers have a shiny new toy to play with.
This is just something we need to defer to staff as DMs. Staff already determine whether or not you're drawing attention (particularly from vNPCs). I don't see how this would be an issue unless a player is being a crybaby. If they're being a crybaby about this, they're probably already being it about something else.
There's a powerful new Thrall, and he has three powerful minions; two psi-sorcs and one special app full-guild Whiran/master jeweler. They've been slowly gaining power, but aren't well known yet. However, they are known to House Delann, for whom they have been stirring their massive deadly pot of shit. Delann has two employees, plus they have a cache of Bynners in Sergeant Doohickey's unit, and Delann has one templar solidly planted in their pockets.
This is a problem we already face with the IC boards and the Chronology page. I think we can trust players to act responsibly. This particular instance is easy -- you said yourself they aren't that well known, so there wouldn't be a post regarding them.
If they were well known, this becomes very similar to the previous hypothetical. Staff are already taking into consideration whether or not the world at large notices someone's actions -- we just defer to them as the DMs. I don't picture these being very specific, which also helps: "Rumors spread that a gang of magickers are terrorizing the waste around House Delann's holdings." That's it. Boom. Move on.
The other thing to consider is that many of these actions will relate to player-created clans. If there's a rule "Getting to X level in the player-created clan process, with a publicly facing clan, warrants an update on the Current Events Feed," that reduces the chance of hurt feelings. That's not to say staff couldn't put someone on the feed about a non-clanned group, or a group that hasn't reached X level, it's just that it would give people some level of expectation.
I definitely don't want to underestimate how easily some people can have their feelings hurt by not getting to be all public with their story, but I just can't imagine this being a massive problem. Especially when we're talking about a vague sentence or two akin to the sorts of rumors people generally put on IC boards.
I'm also more keen on this being on the main webpage somehow, and not just the GDB. This way new players spot it easier.