This work describes the current state-of-the-art in scalable video coding (SVC), focusing on wavelet based motion-compensated approaches. After recalling the requirements imposed by multiple forms of video scalability (quality, picture size, frame rate) which typically exist jointly, it discusses individual components that have been designed to address the problem over the years. Therefore presentation shows how such components are typically combined to achieve meaningful architectures for video compression, which differ from the space-time order in which the wavelet transform operates, discussing strengths and weaknesses of the resulting implementations. The paper explains the Wavelet Video Reference architecture(s) studied by ISO/MPEG in its exploration on Wavelet Video Compression. It also attempts to draw a list of major differences between wavelet based solutions and the emerging SVC standard, jointly targeted by ITU and ISO/MPEG (JVT-SVC), based on MPEG-4 AVC technologies. A major emphasis is devoted to a WSVC solution, named STP-tool, which presents architectural similarities with respect to JVT-SVC. The presentation continues by providing performance comparisons between the different approaches, and draws some indications on the future trends being researched by the community to further improve current wavelet video codecs. Insights on application scenarios which could benefit from a wavelet based approach are provided.