This really is quite remarkable. Not only has the Wii been successfully and competently emulated on the PC, but the graphics are being brought to us in shiny 720p HD. While it does have a few issues, the Dolphin emulator currently makes Wii games look far better than they do on the console itself, and gives you a taste of what could have been if Nintendo had bothered to make the Wii a bit more powerful.
Looking at the images, all I can think is that this is what the Wii really should have been from the start. Fair play to the Nintendo designers, they've managed to make some really good looking games despite the Wii's limitations, but it could have been so much more. If emulation is your thing, perhaps you can enjoy this for yourself, but those of us who aren't emulation geeky geeks who like to whine and moan that emulation isn't illegal and stomp their feet and have tantrums over it will have to simply dream of what might one day be real.
There are loads of shots on NeoGAF. Check them out and imagine a world with Wii HD.