WakeBreaker is a *not bad* way of learning the basics of the GL ES 1.1 profile. It isn't sexy as a game, but it has all the very basic stuff in place for a good demo of the GL ES 1.1 API, how you use it, and what you can do with it.
To learn the GL ES 2 profile you will definitely need something else, but if your intent is to learn the real basics of GLES, you can do a lot with someone elses working code. Wakebreaker isn't much more than a tech demo of the basics of GLES1, sure, but if you can understand how it works and why it works the way it does, you'll definitely get a good grounding in the basics. It has real working code for frustum culling, animation, camera, translation, primitive collision detection, and all that. Using it as a codebase, you could quite easily develop your skills and build a much more full-featured game, but all the very basic stuff is there (except .OBJ loading, but thats a subordinate exercise).
For learning 3D, I've been following a few paths myself. The first has been diligently reading and tweaking the code from the book "iPhone 3D Programming", on O'Reilly. It is a superb treatise on the differences between ES1 and ES2, and how to deal with both frameworks productively while giving yourself a suitably fun abstraction layer to be doing real 3D with. I can't recommend it enough for the case where you want a solution to the platform issue, and great understanding in the materials themselves to be gained.
Another good thing is the Blender tutorial. This particular section was a great help to me in understanding the rudimentary concepts behind GL ES profiles:
http://en.wikibooks....Transformations
Understanding transforms is going to take a while - so its important to really, really grok the basics, so that you can prosper as you go on. Transforms, and matrix math in general, can rapidly expand to consume ones entire being, so choose your limits about what you want and need to know, and set real targets for it. If you want to make your own 3D engine, matrix ops are your friend; if you want to *use* a 3D engine to make a great game, you don't need to know so much arcane stuff about it.
The important thing to always consider is that you need content, and 3D content is very, very expensive - in time, in effort, and so on. Its a lot of work to build a 3D world, make sure everything fits together, and so on. So, be prepared to have a lot of weight associated with the learning effort - if you haven't yet worked out how to parse an .OBJ file, or know whats in it, and why it describes things the way it does, don't expect to make much progress with building an engine in the meantime. A lot of the basics weave their way through all the tools and nodes that you're going to develop as you learn 3D yourself; those basics, poorly understood, will get in the way.
Edit: Oops, hit save by mistake ..
These tutorials are superb, by the way:
http://pandorawiki.org/GLESGAE
.. and I recognize a few good tricks in the Context department .. my only gripe with these tutorials is that they're not finished yet!
Needs more screenshots!