Just wanted to mention that wayland and weston packages were added to the Fedora 18 updates repository recently. I didn't really find any instructions but looking at the contents of the various packages I noticed a weston-launch binary... so I switched to runlevel 3 and then ran weston-launch. That seemed to work. The was a panel at the top and on the left corner was a terminal icon and on he right corner was a clock. I opened up the terminal and it appears to (currently) be the only application to play with. Of course one can run command line tools inside of the terminal window but that was about it. I didn't see a way to exit but Alt+Control+Backspace did the trick of dumping back to the console. Looks interesting. I'm hoping Fedora will add additional packages to Fedora 18 over time and if not, hopefully more will be there for Fedora 19.
Regarding the Wayland video... he basically makes he same argument that the KDE folks did for blowing up KDE 3 and doing a completely new thing with KDE 4... that the Xorg codebase was designed way back when (starting in 1981?) and that although a lot of things have been bolted on in the last few years they are really hacks and the complexity of the X11 system can't be fixed without breaking a lot of things... and if you are considering breaking things... why not start over with a modern design built to get us into the 21st century?
Yeah, everything has to be ported to the new system but most of the major toolkits are supposedly in good shape so people should get started. He isn't just some yokel talking about it either... he and the main guy (I forgot his name) behind Wayland have been hacking on X11 stuff for ~5 years and they just got sick of banging their heads against the complexity wall. X11 does a large number of sit-and-spins that are incredibly hard to troubleshoot... and that to meet the challenging future something new was needed. He makes a compelling case... and claims that X11-based applications can run within the new system with a compatibility layer that will help during the transition.