The only things you can change are rumble and volume, and you're going to want to turn down the volume on the Wiimote speaker. Hearing a loud giggle come through your Wiimote at 2am is kinda creepy.
Other cool stuff: play history, so you can see how long your kids have been playing, or if your roommate fiddled around with Link while you were away. Plus there's note posting, which is a bulletin board for your family. All simple, but pretty neat.
Further Reading: Complete Wii System Settings Tour [Gizmodo]