This extension to Wayland allows queuing frames for showing at a target presentation time. The extension was covered in more detail last month on Phoronix. This extension is mostly useful for video playback applications and others that need precisely-timed showing of content.
Right now the presentation patches offer a new demo for the Weston compositor for showing 60 pre-renderered frames and cycling through them while measuring the timings and being tied to the display's refresh rate. More details on this Wayland presentation work can be found via this mailing list thread and this Git branch. The code continues to be worked on a lot by Pekka Paalanen of Collabora.