It is a remake of Fatal Frame II: Crimson Butterfly. Following the gameplay mechanics of Fatal Frame 4, the game will have an over the shoulder view, the player will fight hostile spirits with the help of the signature weapon, the Camera Obscura. The player will use the Wii Remote to aim the camera and the players flashlight. A new mechanic has been added to the game as well as new graphics, updated character models, new camera design, new areas, and redone FMV sequences.
Source: Wikipedia, "http://en.wikipedia.org/wiki/Project_Zero_2:_Wii_Edition," available under the CC-BY-SA License.