I think it looks way better then recently.
It's a bit unfairto compare a console people ripped out possibilities to do great graphics on for 8(?) years now then on a first generation Wii-exclusive engine, but that's what people will do: Compare it to technically lower PS2, and that's legitimate.
It's coming up nicely. Lighting is great, animations seem great, too. Character modeling also. Textures need a bit variation, but I think that's the problem on Wii: low texture RAM. I hope they can improve that. Maybe use dirt maps or manage to use wider and more textures. These look a bit flat, I think that's because detailed ones with a lot of details would be more blurry, that's something I watched in a lot of other Wii games. Maybe that's the reason they stay with this art-direction.
But come on, it looks like some X360 titles. not less impressive then a whole bunch of them I remember. I.e. some Zombie-games in a mall with hundreds of zombies attacking, now ported over to Wii. Or other shooter with wide areas. Sure, it can't compare with Gears of War or Halo 3 (Normal and Bump on latter one), it sure is impressive for Wii. I am all the more sure I will get this game, since I don't own a 360 and so am a bit short on shooters.
I hope they can be an example for future games on Wii - that one I do hope since Conduit got attention!