You won't need to give up X-based applications though to use Wayland. Shuttleworth also said, "We're confident we'll be able to retain the ability to run X applications in a compatibility mode, so this is not a transition that needs to reset the world of desktop free software. Nor is it a transition everyone needs to make at the same time: for the same reason we'll keep investing in the 2D experience on Ubuntu despite also believing that Unity, with all its GL dependencies, is the best interface for the desktop. We'll help GNOME and KDE with the transition, there's no reason for them not to be there on day one either."
You obviously know more about this stuff than me, but I wouldn't throw out the baby just yet. It's good to be working on new things that improve performance, etc.
Cheers,
Scott.
(Who thought "everyone" was saying OpenGL was dead a few years ago, so is a little surprised about this.)