For the purpose of jumping and attacking, no, but for the purpose of steering, yes.
You have to figure that an analogue stick has roughly 90° of steering that it can do from left to right and the sad truth is that human beings just AREN'T that precise in their thumbs, at least not without more training than the average player will have patience for.
One of the reasons Excite Truck was so damn good was because of the fact that you literally have 360° of steering at your disposal: when you want to make minute adjustments to your direction, you can, but when you want to cut the wheel as hard as possible, you can also do this by tilting the controller near-vertically.
I haven't played the game yet, but I have seen places in videos of the game where Sonic is expected to make small, rapid movements left and right and, IMHO, that's not going to work terribly well on an analogue stick because doing it quickly is nigh impossible without overshooting.
Granted, none of this is a real roadblock to Sega porting the game to other consoles, but I can already tell you that it will play better with the Wiimote than it would with an analogue.