Ideally, GaAs would be widespread right now instead of Si. But it's not cause there's major disadvantages too. In a nutshell, GaAs material can reach speeds way beyond Si due to the fact electron mobility is almost 8 times greater. It is also a direct bandgap semiconductor, meaning it is suitable for devices utilizing optics and microwaves. Unfortunately, the disadvantages prevent them from widespread use. Si is basically sand, there's plenty of it!! GaAs wafers have to be constructed, also requiring specialized equipment, making it much more expensive to mass produce... cost is the #1 issue. Integrating GaAs with Si is very difficult too, due to differences in lattice structure and melting points, and others. To make transistors, there must be a barrier layer between the gate contact and the substrate. Si has a natural barrier with Silicon oxide, SiO2, virtually free to make. GaAs does not, meaning more unique materials are needed, again, increasing cost and length of production.
I've also read about Motorola's recent achievements. They found a stable way of mounting GaAs on top of Si. If i recall correctly, they used a method by which the lattice structure was actually 'stretched' to more closely match that of Si... a breakthrough indeed. Now, GaAs can be used using present equipment and technology without major modification. Optical and RF devices now have a way of being integrated with processors... at least in theory right now. I'm certain there's plenty of unforeseen problems yet to be addressed. But the integration of GaAs is a nice first step. I suspect we won't be seeing widespread use until mid-decade at the very earliest.