I have never wake skated, however I have a friend who does and he has given me the general idea of it. It is basically wakeboarding without being strapped in or skateboarding on water. I want to give it a shot, I think I would loose my patience though as being a skater when I bail or stack (not to bad) just get back up and keep skating. Where as wake skating you would have to swim to shore or get picked up by the boat and get behind the boat again. I am sure once you get the hang of it, it is great and would make all those tricks like pop shuvit's and kickflips much more rewarding.
Here is a picture to give you a general idea. The board's have grip tape and you wear normal skate shoes under water (make sure you have a designated pair for Wake Skating)