Just watched the trailer, and I agree with those who say it looks like RE4 but prettier. Yah, it looks awesome, but if the controls are improved by the Wii, isn't it the gameplay that makes or breaks the game? Really, it makes me say 'Didn't I already play that? It looks like the village, but its daytime and set in Africa.'
I'd bet that Capcom is closely watching the sales of RE4 on Wii, then the sales of Umbrella Chronicles. If RE4 out performs UC, what kind of message does that send to Capcom? Well, now that I said it, I'm thinking they'll say 'Silly Wii owners prefer ports to original content'. Of course they won't say 'Silly Wii owners prefer action games to On Rail pseudo lightgun games'.
I'm not holding my breathe for RE5 on Wii, but I would hazard a guess at another action title in the RE universe.