Kevin provided a status update via this desktop list update. The current state of various Wayland features are now listed via this Fedora Wiki page.
In terms of how it's looking, "The plan is to form a small group of people deeply involved in the Wayland, GNOME and/or Fedora development to prioritize the list of features and then draw a line in this prioritized list above which all features must be complete before we will enable the GNOME desktop on Wayland by default in our Fedora Workstation project. We can then evaluate this list during the Fedora 24 development cycle to determine if we are ready to enable Wayland by default in the alpha, beta and final releases."
Among the incomplete items are remote display support, the just-talked-about primary selection support, kinetic scrolling, on-screen keyboard handling, input methods, relative/locking pointer confinement, graphics tablet support, startup notifications, clipboard proxy for xwayland, accessibility features, XRandR controls for Wayland outputs, device and driver information, screensaver control, XVideo extension support, and more.
While GNOME Wayland on Fedora 23 is quite usable and I use it almost daily, from this complete list of all the remaining Wayland items that need to be done to hit parity with the X.Org Server, it will be interesting to see if Wayland-by-default is ready for Fedora 24 in May.