Yep, it also recognizes the Wii games you own in the Wii U eShop and offers them at a discount if you want to buy them to play on the Wii U instead of having to go to the Wii menu every time. Looked to be about $1.50 a game but I'm not that lazy.
The only problem with the Wii emulator is it is subject to the same restrictions as the Wii. It can only use Wii internal memory or an SD card. You can't save anything to your hard drive.
Twilight of the Spirits is very good.