This YouTube video shows a bit more than the Wayland demonstration from this September at XDS Toulouse.
There's also now available an Ubuntu PPA (Personal Package Archive) that provides the latest Wayland packages and its dependencies, etc. There's some instructions on this web page along with words on how to use Wayland with our without X.
Again, in order to use Wayland you will need to be using one of the main open-source graphics drivers (Intel / Radeon / Nouveau) as there's no signs of support coming soon to the proprietary ATI / NVIDIA drivers. Canonical plans for their Wayland adoption to take off in 2011 and 2012.