Enjoy.
http://wii.ign.com/articles/848/848497p2.html
*edit*
Some screens:
/spoiler
IGN Wii: Talk about the monster creation feature. How elaborate is it?
Kelly Tainton: Let me say this again. Millions of different combinations! You can have a monster that is made up of a wrench for an arm, a fish head in a glass bowl, a torso made out of a truck, and legs made out of tree vines. The quality of all of your parts is based on how well you perform the experiments that make them, and what type of part you make is determined on the ingredients you used to make it. The amount of experimentation is nearly endless.
Tell us about the multiplayer mode.
Kelly Tainton: Yes, Monster Lab includes a multiplayer mode. You can fight any of your friends, or people on your friends list. You battle monsters they have created, vs monsters you have created during your single player experience.
http://wii.ign.com/articles/848/848497p2.html
*edit*
Some screens: