The game does have a calibration setting that lets you aim without the recticle like Ghost Squad. However, it's supposed to be an improved, more accurate setup than GS.
Graphics, I don't see what people are fussing about, looks about the same to me. I don't expect it to look exactly the same anyway, afterall in the case of HoTD3 it is being converted from nVidia shader model 1 to Wii's TEV units. From what I understand it actually runs 60fps like it's supposed to, though that could be attributed to not having the physics engine that GS used.