Given that it's a cel-shading game, the old version getting upscaled like it does on the Dolphin emu will still look excellent.
Now if it looks better than the upcoming HD remake is highly debatable.
Well the new version at least according to the "screenshots" is crippled by bloom and has fucked up colors. Blue is turquoise etc....
Also the contrast is shit on WiiU but well its a work in progess that was not what the game looked like because there was actually no game at the time.
Lets just hope it has the colorscheme of the original just with better lighting and textures and widescreen and etc....