The good news from O3 is that developer Milestone is "exploring options to bring this to North America as part of a future compilation on the Wii." That could mean a bundle with other Milestone developed shooters like Karous and Chaos Field, as the former has been announced for the Wii with the latter already published for the GameCube in the West.

Those still clutching to their purple 'Cubes can still look forward to Ratatouille. Michael McWhertor

Ryan over at Arcade Renaissance has a pretty good theory on the first part of the question, but has some trouble answering the second. He believes this half girl, half angel (and all Victoria Secret by the looks of it) shooter will be the first game that the developer will bring over to the Wii due to its previous succcess on the Dreamcast. Also, there was also recent posting on the SHMUPS forum in which a user states that they were:

"...privy to details that confirms that Karous is in development for the Wii.

This combined with the fact that O3 Entertainment (a company who is responsible for the still delayed Radio Allergy for the Gamecube, though it is Wii Compatible) mentioned cryptically in their forum that there would be something to look forward to after Radio Allergy's release and left a link to Milestone's Karous webpage.

Personally, I'm seeing a lot of eggs and no baskets to put them into. But it's a just a rumor, and news about more games coming out is better than news of no games coming out. Kim Phu

Rumor Karous for Wii [Arcade Renaissance]