Unless they're planning this for 13.04 or later, it definitely sounds like a bad deal. Wayland just moved to a "real" project space outside of Kristian's personal repo, and it is nowhere near mature enough to support something like Ubuntu. Even if GTK and QT "mostly work", there's still a lot more in the X ecosystem that is hard to replace, namely proprietary drivers and the knowledgebase associated with working with…
You're right, which is why I'll continue to stick with Debian stable or Ubuntu LTS while this all blows over. It will blow over, however, and I'm happy to have a major player out there forcing it to happen.
On my laptop at home though (which I only really use for watching movies, and for hacking on side-projects that one day may become HN stories) I'm always on cutting edge Ubuntu. I love the thrill of the beta's.
So I'll do the dual strategy of letting it blow over for work purposes, and playing around in the mud for personal purposes.