Can a PS2 handle all the games that are / can be developed on a Wii?

[NJ5]

Isn't it pretty obvious considering the time difference between the two systems?

Wii > Xbox > PS2.

For starters, the PS2 would have a hard time running some Wii games even in 480i (due to shader effects and faster clock rates for example). That's before we start getting into 480p territory, where the PS2 doesn't really stand a chance when compared to the Wii.