Which is a good thing, since drawing functionality in the server has been proven to be a bad idea. There is a reason why noone is using X fonts and lines nowadays. FreeType, Pango and a bazillion rendering toolkits and X extensions have replaced the outdated, ugly, inefficient and downright painful core X drawing functions.No it won't, because it's not meant to. For example, X includes functionality to render lines and ellipses and arcs and whatnot, and Wayland will never include this, because the Wayland developers believe that this shouldn't be done in the display server.
Hardware and software has evolved in ways that X didn't, indeed *couldn't*, expect when it was designed. The assumptions it makes on hardware capabilities and software requirements have long been rendered obsolete and all that remains is legacy cruft that is counterproductive. Removing this cruft is the obvious way forward - but X cannot do this without breaking everything.
And since you will need a clean break anyway, why not redesign X from scratch for modern hardware and software, without any assumptions and ill-designed APIs holding it back? That's what Wayland is trying to do: rethink the display server using the three decades worth of knowledge we have gained since X was conceived.