As written about recently, Wayland 1.5 appears to be in really great shape with very few open bugs. Kristian Høgsberg in announcing Wayland/Weston 1.5 on Monday afternoon acknowledged that overall it should be in good shape with around 30 new commits in this second RC2 (v1.4.93). Kristian feels that he should be comfortable to ship Wayland 1.5 in a few days.
After Wayland 1.5 stable, Kristian is planning to do a Wayland 1.5.1 release around early June to pull in the IVI Shell (In-Vehicle Infotainment) shell, the weston.ini key for screen-share, and a clipping feature, plus other possible work.
More details on Wayland/Weston 1.5 RC2 can be found via the Wayland-devel list.