I was also wondering and asked on Kindle support chat. The response I got is as follows:
Quote:
(...)
04:33 AM PDT Shiela: I've checked on this and found that at this time Word Wise is not available yet on the 1st generation Kindle Paperwhite and we are not sure when it will be going to be available. No worries, I've successfully forwarded this to our Kindle Team so they can check on it. Who knows, this may be included on the next software update.
04:34 AM PDT Krzysiek: Ok, great :). And do you maybe know when next update is planned?
04:35 AM PDT Shiela: We don't have that information yet. Here is what I can do though, I can make a personal follow up on this and once the next software update is available and Word Wise is included on it, I will let you know. Alright? (...)
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So there's still hope :)