IGN has some more tidbits on Resident Evil: Umbrella Chronicles.  The game will run in 480p and 16:9.  It is said to push the Wii graphically and use a modified Resident Evil 4 engine.  IGN also talks about where the game fits in to the storyline:

According to Famitsu, the title will consist of two parts, including a more traditional survival horror experience that transpires between Code Veronica X and RE4, and another mode where gamers can play as various characters from the universe and traverse areas from the previous projects.

Look for more details to be unveiled at Capcom Day on April 12.

Source: IGN Wii