Fedora developer Christian Schaller recently posted an update on the state of Wayland in Fedora Workstation, and it is looking promising.
One of the newest features outlined by Christian that is in the works for Fedora (and could appear in Fedora 24) is the ability to properly use two or more monitors with vastly different DPIs. This means that if you have a High DPI monitor and a standard DPI monitor the window and text sizes will no longer be tiny (or large) on one monitor and not the other. When dragging windows between the monitors the window will automatically scale to work with the DPI of the screen they are on.
There has also been a lot of work done by Fedora (and upstream) Developers to get some of the biggest applications ported to GTK+3 so they work natively with GNOME on Wayland. Caolan McNamara has finished porting LibreOffice to the GTK+3 toolkit and this work should be available in Fedora Workstation 23 as an option, with the goal of the GTK3 version being the default in Fedora 24. Martin Stransky is working on making Firefox run on Wayland with the basic GTK+3 port of Firefox completed.
Since Fedora 21, it has been possible to use Wayland on GNOME by logging into the GNOME on Wayland session from the Fedora Workstation login screen. The login screen itself is also runs on Wayland by default since Fedora 22.
UPDATE: This article previously stated that the High DPI on multi monitors was slated for release in Fedora 23 — however this is looking more likely for a Fedora 24 release.