Having said that, if you look at the list of people working on Wayland it is quite impressive. As it contains a good number of core X windows developers, you would be hard pressed to argue that they don't understand the trade-offs that they are introducing. And while I haven't had time to play with it in any real depth, I've looked at Mutter's API and it is quite nice. Finally, I've actually tried Wayland (with Gnome and on top of Mutter by itself) and while there were still some problems at the time (about 3 months ago), I was actually able to get a full day's work done without much complaint. In fact, it is snappy and responsive and it mostly works.
I like exporting my X displays through ssh, so I really don't know if I will use Wayland seriously any time soon, but I think it is a good prospect for people who aren't me. I like the fact that this update from the Gnome guys shows that they are thinking, "Hey maybe not everybody will dump X. Let's try to find a place where we can showcase Wayland with the least inconvenience to conservative people".
IMHO, this kind of development is nothing but good. The real question is if Red Hat will take a less heavy hand in deployment of this as opposed to other "Let's reinvent the world" projects. As an option, I'm extremely happy to have it. If it gets wrapped up in everything so that I can't use any popular software without it, then I will be unhappy. But so far I see no signs of that.