The models are close but not quite. The environments are definitely not. They're going for having more junk on screen at the expense of framerate look. It also doesn't have the nice lighting.
SH Wii has the same problem that 99% of Wii games have: it's unpolished and no one cares to put the effort in because it's a Wii game. One area looks like a nice PS2 game, the next looks like a PS1 game? Who cares, it's on Wii. One section has 60fps until you turn your head and it drops to 30fps? Who cares, it's on Wii.
The only companies putting any real care into their products are some Japanese devs. Nintendo does for their major 1st party games of course, but in terms of everyone else only a few games like Madworld, FF Crystal Bearers, Tales of Graces, etc... really show off the screen by screen polish that was expected of major PS2 games and that we expect from AAA PS3/X360 games.