Like with any stock, it depends on your objective. If you are looking for dividends, it's not best of breed but not bad. Because WY is an REIT, it is required to pay 90% of its net earnings back to shareholders, so as earnings rise, so will the dividend.
The reason for the high P/E is WY is tied closely to the US housing market. Until new housing recovers, it isn't running on all cylinders, hence the low earnings. As the recovery accelerates, so will earnings, which will drive a higher price.
I suspect many shareholders are using WY as play for the housing recovery and justify tying the money up with the dividend its currently paying. It may be a long wait, but WY has some good assets and products and is well positioned.
You'll see someone follow this up with warnings about the current SMT, but that usually is just sour grapes. If you don't want to wait it out, I hear that Facebook has been a great place to put your money......