I decided to dig into the APK, and discovered that work on the wishlist feature appears to be pretty far along. I dug deeper and found a setting that could be modified to enable the feature. I did so and here is what it looks like now:
Bringing up the menu/actions now includes a "My Wishlist" entry. Which is pretty sparse initially.
When you go to the page of an app (or movie, or music album, ...) that you don't own, a bookmark-like icon now appears in the action bar. Clicking that action bar icon changes the icon and pops up a toast message.
Now when you go to "My Wishlist", there is something to see there.
Update: After a little more testing I did find that upon clicking the app from "My Wishlist", de-wishlisting it, then hitting back, the app still appears. Exiting and re-entering "My Wishlist" does update the list.
As far as the app goes, the feature looks nearly ready to go. I have no insight into any back-end server or web site pieces that may be in the works.