Not a chance in hell. The PS, when it came out, was graphically quite powerful given the technology of the generation. Also included was the strong support of EA not to mention the DVD player inside it than many bought for having that as well. The Wii, while innovative, does not have anything in it that is "cutting edge" and therefore isn't going to have the same shelf life.
The bottom line is that the Wii probably has a 4-5 year shelf life tops and I highly expect it will hit, at max, 50% of the lifetime sales of the PS2.
Consoles are solely kept alive by games released for it and not by any additional features they offer. The NES was released in 1983 and used a processor from the 70's, but not offering graphics or features like home computers at that time didn't stop it from selling well into the 90's.
A steady flow of good/great games in a wide range of genres made it the most popular console. The Genesis/Mega Drive came out in 1988, was technically superior but was still clearly outsold by the NES. Only when Nintendo and 3rd parties really started to shift their resources to the SNES, the NES started to fade.
Size and variety of game library were always the key to a long lifespan, the consoles which fulfilled these criterias are: Atari 2600, NES, SNES, PS1, PS2. None of these consoles had "cutting edge" technology compared to their respective competitors.
All the Wii needs is a steady flow of good/great games in a wide range of genres to ensure a long lifespan. With the sheer number of games released for the Wii this is more likely to happen than for either the 360 or PS3.
The Wii is on its way to match or exceed the PS2 library of games in terms of quality and quantity which should result in a long lifespan. Also, the Wii is tracking way ahead of PS2 sales at this point of its lifespan and could reach more people than the PS2 ever did with titles like WiiFit. For these reasons it's very possible that the Wii will beat the PS2 LTD sales.