Mutter has picked up native, DRM-based CRTC rotation based upon the modes exposed by the DRM kernel graphics driver. This implementation is only for drivers/hardware supporting rotation modes and is not yet a driver-independent solution. The other caveat, which isn't anything really unique, is that when screen rotation takes place GNOME falls back to using a software cursor.
More details via this Git commit and the associated bug report about screen rotation on Wayland.
This is now another item to mark off the list of what's preventing Fedora 24 from switching to Wayland by default.