I first came to know about this Japanese phrase from an image post here in CNP by Arati about a decade ago. Later we had many discussions on Wabi-Sabi here in CNP. A few related threads here:
Web Designs - Wabi-sabi
I think Nirlep's images visually articulate what Wabi-sabi is when it is applied to nature photography. Here is one such.
I think the essence of Wabi-Sabi goes beyond accepting cracked ceramic plate as is and accentuating such cracks with gold lining. Such an 'artistic endeavor' in my mind is a prescriptive attempt at redefining what art is. I also don't think it is about minimalism in expression of subjects in nature either.
I think the essence of Wabi-sabi it is about silent appreciation in all humbleness what Spinoza said:
Whenever, anything in nature seems to us ridiculous, absurd or evil, it is because we have but a partial knowledge of things, and are in the main ignorant of the order and coherence of nature as a whole, and because we want everything to be arranged according to the dictates of our own reason; although in fact, what our reason pronounces bad is not bad as regards the orders and laws of universal nature, but only as regards the laws of our own nature taken separately. As for the terms good and bad, they indicate nothing positive considered in themselves. . . . For one and the same thing can at the same time be good, bad, and indifferent - (from Ethics by Baruch Spinoza)
Here, I don't think Spinoza's words are dry, appearing formal/mathematical and lacking artistic expression. I do understand 'feel', 'artistic appeal', 'moody' and all those words that we often use when we can't articulate what appeals to us in an image. However, I think it is more important to spend a few minutes taking what is in front of us 'as is' before rearranging them or manipulating elements of the Nature the way we want to see it. For all you know, things may be more 'meaningful' as is. It does not need an explanation because it is the way it is! If we rearrange things then we are answerable to many questions. We are not shying away from answering but genuineness of an image depends on genuineness of our answers and maturity of our thoughts. That said, I think it takes immense creativity and imagination to see 'as is'!!
PS: We now have many new members in the forum who have missed some of these interesting discussions we had in the past. I just wanted to bring up some of those interesting links buried deep inside archives of CNP.