Capcom VP of strategic planning and business development Christian Svensson has a tale up at the Capcom US blog about the process of how PS2 cult hit Okami began to make its way to Wii. Some key quotes:

...I want to talk about feedback Capcom has received from our consumers and how we're trying to be responsive to it. Okami Wii specifically exists because of that direct communication, especially those we receive on our message boards (even if they're sometimes mean to us).

Even before the Okami's PS2 release, the media and Capcom fans would constantly ask us if it was ever going to come to Wii, citing the interface as being ideal for the brush mechanics. Hell, even in the week prior to the Wii announcement, there were questions in our Ask Capcom section, requesting the game (and some hot fan-created Wii packaging too... I've already challenged our marketing group to make sure ours is better).

I was drinking late night at Jamil Moledina's suite at GDC (I'll pick that name back up in a minute), when a friend of mine introduced me to Ready at Dawn's Co-Founder and Creative Director, Ru Weerasuriya. After he learned I worked at Capcom he began to gush, unbidden, about his love of Okami's artistry...

As it stands today, the team has the game assets converted (quite the laborious process), up and running in a ported version of Clover's engine. There are still several systems getting set up properly but there's most definitely a Wii-driven Amaterasu running around Wii-rendered environments as we speak.

...we aren't currently planning any additional content but we're exploring a few possible things on the technical side of things that might make for an improved Wii experience (no promises yet though).

The game is still on-track for a spring 2008 release in the U.S.

Bringing Back the Wolf (or How Okami Wii Came to Be) (Capcom Blog)