This concept is useful, but I believe the wikipedia page is inaccurate in its description. For instance, I don't think that Ryōan-ji (the famous rock garden) illustrates wabi-sabi at all, and the teahouse is marginal. The teacup, on the other hand, is excellent.
"So now we have wabi, which is humble and simple, and sabi, which is rusty and weathered. And we've thrown these terms together into a phrase that rolls off the tongue like Ping-Pong. Does that mean, then, that the wabi-sabi house is full of things that are humble, plain, rusty, and weathered? That's the easy answer. The amalgamation of wabi and sabi in practice, however, takes on much more depth."
And I don't think ikebana (floral arrangement) is generally a reflection of wabi-sabi, much less haiku (section entitled "Wabi-sabi in Japanese arts").
Anyway, kind of a mess. Someone should fix that ;-)
The long narrative history of older meanings of the two words is also not very helpful. Here's a much better summary (http://www.nobleharbor.com/tea/chado/WhatIsWabi-Sabi.htm) that reads in part:
"So now we have wabi, which is humble and simple, and sabi, which is rusty and weathered. And we've thrown these terms together into a phrase that rolls off the tongue like Ping-Pong. Does that mean, then, that the wabi-sabi house is full of things that are humble, plain, rusty, and weathered? That's the easy answer. The amalgamation of wabi and sabi in practice, however, takes on much more depth."
And I don't think ikebana (floral arrangement) is generally a reflection of wabi-sabi, much less haiku (section entitled "Wabi-sabi in Japanese arts").
Anyway, kind of a mess. Someone should fix that ;-)