I'm always amazed at how people fixate on the technical details of the hardware and believe that the programming is the expensive part of developing videogames when this hasn't been true since before the SNES launched. The cost of a game today is far more related to the costs associated with generating the artistic assets that are used in games; and HD games tend to be dramatically more expensive to create (often estimated at as much as 4 times as expensive to produce) because a lot more work goes into creating the detailed artistic assets on HD games, and you require more assets to make an environment look less sparse (or to prevent people from noticing repetition); and this increase in cost per asset does not (necessarily) come from just having more detail, and a large portion of the cost is generation of texture maps to be used by pixel-shaders to create the advanced shader effects associated with HD console games.
Beyond that, there is a dramatic difference in the budgets of games within platforms; and many small developers are very good at making games on shoe-string budgets. Good examples of this difference are how Little King’s Story or MadWorld for the Wii have (as a rough estimate) around 10% to 20% as much content as games like Super Mario Galaxy or the Legend of Zelda do.
When you combine the difference in development costs between platforms and the difference in development costs within a platform the end result is that low budget Wii games can often be under 5% the budget of big budget HD console games; and lower budget HD console games tend to be similar in budget to big budget Wii games.
Being that EA is far from the only major publisher who is pulling in record revenues and record losses with each financial statement primarily because the budgets of HD console games have outpaced their sales, and the massive budgets has effectively limited their ability to produce as many games (and therefore reduce risk), you would think that these publishers would look to the Wii as a way to lower costs to a level where they can return to profitability. Unfortunately, for some reason, publishers see the Wii as a platform unworthy of reasonable quality games involving well known IPs in popular genres; and they see it only as a platform to get sales from licensed crap.