As everyone's mentioned: Yes, the game does have Wi-Fi
First of all, there's battle mode, where one player controls Link while the other controls the Phantoms (which are enemies in the game). Link runs around, trying to bring Power Gems back to his special safe-zone. There are plenty of safe-zones around to make it so the Phantom's can't see Link on their map. There's much more to it than that, but I don't wanna explain it all x_x
Also, you can trade ship-parts and treasure online by putting your ship parts in a special box, and they'll be exchanged with others as you battle.
Oh, and by the way. I know that many didn't enjoy the control at first, but I've loved it since I started. The only thing I didn't like about it was that it made the game too easy (among other things )