I believe tha X is misunderstood too, and i do not believe Wayland is what will make Linux better for the desktop. It is too bad that most people, even on these forums, do not understand Linux/GNU at all. There are many Ubuntu kids/know-it-alls spreading FUD on the internets...
What we really need *for the desktop*, is better opensource drivers plus better compositing managers. We should be using more and more of the gpu for rendering work. Gpus are everywhere these days, it is not possible to buy a current system, even a netbook, without at least OpenGL 1.4+ support.
In 2 years, all Intel and AMD desktop/laptop/netbook cpus will include an on-die gpu(actually this is already happening, it is just that Bulldozer will need a second revision to become a fusion product, hence the 2 year period). This will be at least OpenGL 2.1+, with enough speed and ram to play decently modern games.
So, what will provide us with speed, power savings, eye candy, is to have all rendering happening on the gpu. We will arrive at that point, and having X or Wayland will be largely irrelevant.