Ubisoft posted a job announcement looking for an online programmer for Wii projects. The listing states that the job is in their "Production Studio in Paris, where Red Steel and Ghost Recon Advanced Warfighter games have been developed."
It seems kind of likely that this involves Red Steel 2, which was itself basically announced via job listing, but let's not get out our Jump to Conclusions Mats. Yes, slicing your friends up online would be pretty great. But Ubisoft works on a lot of games other than Red Steel, and there are a lot of things you can do online that aren't playing games, as Nintendo has ably demonstrated with every Wii channel.