So my Wii is busted at the moment and I am about to just break down and get this for my PS2, I'm sure the experience is more tailored for the Wii, but is the anything lost in the port?

Played my friends Wii version and bought the PS2 version the next day and the only major difference I noticed is the obvious lack of a wiimote. There is one thing I can't fully explain: The door opening animation stutters for maybe half a second, mainly when transitioning between indoor and outdoor environments, but it hardly caused any trouble.  The PS2 version also costs less so if you're short on cash that might be a good option. 
 
That being said, if you can wait for your Wii to be fixed, I suggest you get that. It is, without a doubt, the best version.

Oh, interesting. I didn't expect the PS2 version to look noticably worse. It seems like they scaled down drawing distance, texture size, some effects (mirroring) and de-polyd some of the environments. 
 
Still looks very much like the same game minus the awesome controls, though.

I'm getting a PS2 pretty much for Silent Hill games and all of the love for this game really made me excited.

0:30
 
He gets scared about nothing in the PS2 version.