1st - rip-it-up - Yes
But at a cost, the Wii U game pad buttons and sticks do not work on vWii. You can use the Wii U Game Pad as an small screen with "built in sensor bar " :D
2nd - I noticed that vWii runs on 1080p 60 frames per second, this also applied for the Home Brew Channel and...
As far i know. On WiiU only the vWii is accessible and with limitations ( no full compatibility)
For full compatibility with wads, apps and homebrew, use a Wii.
Side Note: Developers on this site are working hard to bring more features to vWii: Wii u pro controller to emulators and apps and...