Yes, barely working, as in the meaning of "bare minimum to get it to work". There's still a long way to go with it. Look how long it took to get it to this stage. Simply porting it to another architecture is going to a job and a half. It's different for other systems because the other systems (NES, SNES, GENESIS, and so on) are much simpler.
The Wii is built around a Power PC CPU which isn't the easiest thing to emulate. Even if you have all the proper hardware calls it's still, at the end of the day, being emulated.
Here are the basic specifications of a Nintendo Wii courtesy of
http://www.emulator-zone.com/doc.php/wii/:
<snip>
* CPU: PowerPC-based
* GPU: ATI "Hollywood" GPU.
* Memory: 88 MB main memory and 3 MB embedded GPU texture memory and framebuffer.
* Storage: 512 MB built-in NAND flash. SD card memory slot (up to 2 GB). Nintendo GameCube Memory Card (required for GameCube game saves). Slot-loading disc drive compatible with 8 cm Nintendo GameCube Game Disc and 12 cm Wii Optical Disc.
* Video: 480p (PAL/NTSC), 480i (NTSC) or 576i (PAL/SECAM), standard 4:3 and 16:9 anamorphic widescreen[88]. MultiAV multi-output port for component, composite, S-video,[89] RGB SCART[90] and VGA[91].
* Audio: Stereo – Dolby Pro Logic II-capable[92]. Built-in speaker in controller.
* Additional: 2 USB ports, WIFI capabilities and Bluetooth.
</snip>
To emulate this in any PC environment you require the following:
<snip>
* System requirements:
* GFX: Radeon 9500+ series card recommended, but Geforce FX series also work. Expect severe graphics problems with lower cards.
* CPU: The fastest you can find.
* RAM: 256MB or higher strongly recommended.
* Audio: Any Windows/DirectX-compatible soundcard.
</snip>
So lets take a look at this:
1. CPU: PowerPC vs Intel - Emulating a completely different architecture is what your physical CPU is doing (with code developed). Now note the Wii isn't the most powerful machine in the world, however, you still need a top of the line CPU by today's standards to make it work decently. I'm sure there is always room for code optimization, but it's basically a hardware limitation that simply cannot be overcome. It's going to be slow, especially if we take a look at it on PS3 hardware.
2. RAM: PS3 RAM is 512 cut into two "sections", GPU and System RAM. GPU RAM is only accessible (as of recently) under Linux. Now the latest apps coming out for the PS3 may be using it, that's neither here or there, the problem is Wii games are certainly more graphic intensive than your NES games. IE: 3D Acceleration. We're working with a very very small amount of memory. Keep in mind the overhead for emulation and how craply we cannot access most of the GPU functions. This again, put this emulator, way off.
3. Sound system: This would all have to be ported, created new. Not too difficult, however, an additional task.
Again, I'm not saying this cannot be done at all, what I am saying is that it is far off and the PS3 may or may not have the horsepower required to emulate this console. There are A LOT of technical challenges with a port of this complexity.