It's not really a case of Wayland itself not being ready, more like the graphical driver ecosystem is way too fragmented and spotty for Wayland to be implemented on all(maybe most) systems. And I believe Qt and GTK are not fully ported to Wayland, let alone all the other applications and libraries that interface directly with X.
Unfortunately the GNU ecosystem is too dependent on X, thus Wayland seems impossible to implement at this time, but a fresh clean window manager is a big step in the right direction.
And no Wayland is not a GUI.