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On average, to develop for the Wii hardware, it is going to be cheaper. That's just fact. But how much cheaper varies. It depends on time of development, number of people working, and the style of the game. It takes less money to make a game like No More Heroes than Red Steel simply on style.

In general Wii development is naturally cheaper but depending on the game, effort, and time can really vary of how much cheaper it is. For the most part, Red Steel had the production values of an "HD" game as ya'll like to call it.