Yeah i'm not a fan of it either. It's an easy way to make alts though for those who likes to do that

Anyway i have the game now. Control customization:
Sensitivity settings: Defeaults: Beginner, standard, advanced
Custom:
Turning speed (horizental, vertical)
Cursor sensitivity
Pitch angle
Bounding boxes (dead zone, and acceleration rate)
Control deviceWii zapper or mote/chuck combo.
That's it for customization that i can see. Doesn't look like you can get around the waggle reload this time (i know alot of people used it in moh as well though so i guess it isn't too bad)
Looking at multiplayer these are the maps, and characters. At least for defeault before possibly unlocking stuff in single player.
Maps:Casino
Venice
Airport
Parking lot
Shanty town
White's estate
Facility
Characters: Faction1Mastermind
Henchman
Mercernary
Bomber
Assassin
Faction200 agent
Veteran
Scout
Defender
Marksman
Looks like certain weapons are attached to these characters, except you can choose which pistol you want.
As for tweaks in multiplayer
The way nintenod WFC works danz almost already explained, but just to be exact first screen you can pick between play with anyone or play with friends, and your mii and FC is shown in the lowerleft corner.
If you choose play with anyone you can from there choose gamemode, and it simply finds a room for you. Play with friends you have you friend roster and create game (so here you can actually choose if you want to be host or not

- i don't remember if i posted that quote earlier, but if/when host disconnects everyone gets disconnected)
I haven't played on it yet so if you can add people automatically after playing them i do not know. I doubt it however.
Going to play some single player now

Edit: Oh and single player have 4 different difficulty levels - New recruit, Field operative, Agent, 007.
Even though the graphics aren't amazing, they're better when actually playing compared to the vids you see on youtube.

(the water as well actually)
And from MoH habit i can now tell you that up on D-pad (MoH reload alternative) is now used to put a silencer on your pistol.