I see this turning out very poorly for High Voltage Software ...
Very experienced, well managed, high quality studios have run into troubles trying to produce games on the scale that is required to be successful on the HD consoles; and I don’t really see High Voltage being able to excel taking the same approach that destroyed Factor 5 and Free Radical. Basically, it is highly likely that if High Voltage tries to push the limits of the capabilities of the HD consoles the game may become an expensive and unplayable mess.
There is a chance that they could do something clever though, where they (essentially) treat the HD consoles like a PC developer treats new hardware; and by that I mean they design the game around the Wii keeping budgets and the scope of the development at a familiar level, and they have a somewhat higher detail version of the game running at higher resolutions with a better frame rate on the HD consoles.
Either approach they take will likely limit their potential sales to under 1 Million units, but if they take the second approach they will likely make money with those sales.
