Exactly. An out of order cpu is only more efficient against an in order cpu if the code is not correctly sorted. But PS360 code is very efficiently sorted to iron out the in order nature of their cpus, so WII u cpu won´t run it better because of being out of order.
If the compiler and the original coder did a perfect job and if the dataset of the problem at hand fits completely inside the L1 cache (which is the kind of latency OOOE cores are generally designed to hide without stalling the CPU: finding enough work to do to cover L1 data cache accesses, but not L1 cache misses for example), then yes there might be little work for the CPU to do at runtime.
Still,
1.) we still do not have such perfect compilers and programmers.
2.) some data is not fully known by the compiler at compile time and the CPU might have much more information at runtime than the compiler could offline (ok, there is a huge debate on this too). With multiple threads being active and the possibility to feed the CPU's execution units from multiple threads at the same time, the amount of work the CPU can gather at runtime is potentially quite high.
3.) awfully written code will not run much faster with an OOOE core than an in-order one (code constantly trashing cache and requiring main RAM accesses goes way beyond the amount of work the OOOE side can find to cover data dependencies).
4.) there are other parts of the CPU you should look at that influence performance, but we have no data on those (are they multi-threaded? how is the cache hierarchy? how is their branch predictor).
It might very well be that the WiiU CPU is overall slower than what both Xenon and CELL can deliver, both of those are very big chips with a considerably higher power consumption target. Wii U is not beyond the laws of physics. It is designed to consume a very low amount of power and require simpler heat dissipation technology than those other two monsters. Also, it is designed to be profitable while packing a controller that should be more expensive than DS3 or Xbox360 pad are (although I do not believe its manufacturing cost is anywhere near its JPN price). Also, Nintendo will want to make a profit on each WiiU sold day 1, which means that the actual budget for the WiiU console is even lower.
With this in mind, it is fully possible that their overall design goal/system balance considered GPU, RAM, faster disc drive, and cheaper and secure HW BC to be more important and that the CPU is indeed weaker if measured in isolation. Carefully redesigning their games and the technology behind them, some developers might find some area that could be optimized more (but that would run fast enough on Xbox 360 cores for example...), compilers might improve over time, they might shift more work onto the GPU (which would then have less headroom purely for graphics calculations).
I think it is reasonable that games which push CPU-side calculations very hard on Xbox 360 and PS3 to be ported on WiiU but maybe not push graphics too much beyond those systems (beside higher resolution textures and better AA).