On Monday at XDC2011, Jamey Sharp talked about what he sees as "the codebase of the future" for X.Org and was an open discussion with the three dozen other developers at the Chicago event.
Jamey acknowledges there's much code duplication in the X.Org Server code-base and wishes it would be cleaned up. Among the work he wants to see happen is merging together the DDX (Device Depoendent X) and DIX (Device Independent X) portions, merging togetheer Xephyr and Xnest (or converting them to drivers for the X.Org Server), provide support for video card hot-plugging (including USB display adapters or virtual GPUs), RandR GPU objects, and a separation of scan-out and render.
That was about it for the X.Org code-base of the future. Not much about the Wayland Display Server has been said at this conference. However, it looks like there might be an X@FOSDEM 2012 event in Brussels in February. Keith Packard has said he would like to have at least a half-day of talks strictly about Wayland.
There's also some more photos and notes from day one of XDC2011 Chicago in this news posting