@AJCopland
So I wouldn't call it a G4.
Again, while the 750CL is documented, the Nintendo specific changes are not yet. Also, the cpu that you referred to, the 'GX, is not the gpu and would have nothing to do with shaders in the gpu, Hollywood. I already see higher polygon counts in the Wii as well as much better lighting effects. The lighting effects leads me to believe it's not just a straight over-clocking there as well.
@Adolescent
State your sources. For all we know, the built-in WiFi may transparently seem like a BBA to the GC and as long as it's configure within the Wii's system settings, it may just work. I don't have Phantasy Star 1&2 to test this out with.
As for accessing the Wii specific functions, I imagine it's extra functions are just extensions of it's current ones. For instance, I imagine the WiiMote are simply mapped as controller ports 5,6,7 & 8...or it's from the 'Cube's never used Serial Port #1... But whatever the case, the homebrew community will find it in short order.
Coincidnetally, a Wii dekvit software package was leaked to a torrent site. So like, I said, it's just a matter of time and alot sooner (and cheaper) than modding a 360 or PS3.