I am posting this from the Fedora Wayland live CD(usb in my case actually).
At first I was worried since I saw nothing Wayland like and it seemed buggier, but then realized I needed to run something like "weston-launch"(it launched weston in fullscreen, needed to do so as root for some reason .. Worked both from tty where I logged in as root and from terminl under Gnome Shell/xorg).
And wow, first time I ever see the window truly moving along with the cursor under Linux and not laggin behind(after trying various card/driver combinations for that, not Intel though, but I'm sure it's the same), it's enough to impress me .. XD
Similarly resizing works perfect.
(Only under Linux I have experienced said lags, should be mentioned as well.)
Although I can't run anything other than Wayland's terminal .. When I launch them they fail to find the display or something, "Error cannont open display 0:0"(I have xorg in one and weston on another tty, and firefox is on xorg :/). Launching them with "--display=0:0", or 1:0, 0:1 and whatever random numbers only changes the last part of the error ..

I'm a bit of a noob in this ..
Maybe there's a way to do it. It's certainly smooth, just like I expected, loving that part. On the contrary, the xorg in here is glitchy beyong belief though(the text I'm typing has not been rendered correctly for a signle second, random parts glitch out all the time). Btw, by xorg I don't mean XWayland, I couldn't to that one ..
Right click on window decoration and then on "Rotate" doesn't seem to do much .. Maybe it needs some keyboard-mouse combination I have no idea of ... -.-
After fullscreening the terminal(Right Click --> Fullscreen) I couldn't find how to unfullscreen it, I could only type "exit" and close it ..
**Before sending the above I decided to test again whether I need to be root to launch weston via tty, weston-launch refused, but weston command launched weston in fullcreen while logged in a liveuser in the tty. But every went completely unresponsive and I had to manually reboot ..(Ctrl+Alt+Fx not wroking either)
Not sure if related to weston or just random bug(happened in my previous try too.
Other than that I'm pleased. Wayland was started with "perfect frames" in mind. It seems to live up to that.

Might try Rebecca Black OS these days too .. xD
If anyone knows how to launch X apps from wayland-terminal while in Wayland in Fedora Wayland live CD, I'd love to try. Or how to rotate windows .. xP