I guess. Maybe. At any rate, my latest secret project, is no longer secret: Phoronix ran an article about Wayland and slashdot in turn picked it up. They got the headline wrong, though, it's not a new X server, it's a tiny display server + compositing manager. And it's a very young project with a lot of FIXMEs and hand waving.
The core idea is that all windows are redirected, we can do all rendering client side and pass a buffer handle to the server and the compositing manager runs in the display server. One of the goals is to get an X server running on Wayland, first in a full screen window (like Xnest), then rootless, since X just isn't going aways anytime soon. Many more details in the NOTES file of the project.