Wasn't tri-ACE engine also running on 360/PS3 at 720p as well?
If the bird video is anything to go by I'd say WiiU would have no problem running it (at 1080p perhaps?). We'd just need the tri-ACE engine running on it. Also Reggie didn't specify/refused to disclose who made the tech vid, so it could possibly be outsourced (possibly to the same guys who did the "rebirth" GameCube FMV/real-time video).
You are comparing software to hardware...
The tri-ace demo is a feat of software design, not hardware capability.