Well, it's an X server, in fact :-) It uses the parts of X server that were moved to the kernel in the last year or two (KMS, large part of graphic drivers). Wayland itself is very small, you can look into the source code to find anything you want to know, it's all there, easy to find.
That's the good thing, perhaps, breaking that large and ugly X thing into small parts that we can easily understand, check, improve. I'm very glad of this and it's a great improvement. But it's still just a part, this whole idea that Ubuntu is ditching X server is so frightening. It's not happening, instead, they are breaking X into small parts, improving them, not having to deal with the insanely large X stack at once. Finally cleaning that large outdated codebase and so on.
But. If you see it as 'we're getting rid of X11 completely, not coming back again', you are going to repeat every mistake made in the last 20 years. I'm afraid that's exactly what Shuttleworth and his minions are going to do :(