It's still too early to say whether or not Wii will outsell PS2. It could still do it, but a few key things need to happen IMO:
One is the Vitality Sensor and its flagship title will HAVE to be a major success, like Wii Fit esque or close to it.With Nintendo's track record this gen though (with the exception of Wii Music), it's likely they will pull this off. I think there is a HUGE untapped market out there for a stress releasing video game.
Second, Nintendo needs to maintain a streamlined release of games spread out throughout the next couple of years, with a slightly greater concentration during the holiday, particularly more motion plus games, to keep people interested. This year's holiday lineup is good, but they simply cannot weather another 9 month dry period like this year. While games like Galaxy 2, Monster Hunter Tri, and Metroid Other M are great core titles, they are not hardware movers. Nintendo needs a balanced attack of core and expanded audience titles next year.
The third one is quite simple; Nintendo has to ride out the Wii until at least 2012, because if they release another console before then, Wii's sales will be cut off prematurely when it's still going relatively strong. You just can't rush out another console in 2011 and expect Wii sales to go keep chugging and reach PS2 when Nintendo has suddenly made it an obsolete console.
So yeah, it won't be easy, but still possible. Remember, PS2 had the factor of people rebuying consoles for defects and/or slim models, not to mention almost universal backing of 3rd parties, while Wii has been almost universally shunned by third parties. So if Wii does inch past PS2, it'll be damn impressive, but unlikely.
Regardless, Wii will easilly outsell PS1, which is still an impressive feat coming off a predecesor that sold a mere 22 million. 100 million minimum is essentially a given at this point. Even if it sells a dismal 10 million next year and drops off to 5 million the next year, it'll STILL inch its way past 100 million.
Yeah, I analyze this stuff way too much, but that's what happens when you don't have a job and have 3 days a week of school :P