The two biggest factors are the game you are playing and the size of your living room. When I was a Wii owner, I had 4 people playing, but in two teams of two because of room size.
The other factor is, will all 4 be playing at once? When you first get it, the answer will be yes. However, Wii games usually aren't played in long sessions, but more in spurts. The longer you have your Wii, the less likely that all 4 will be playing at once.
Personally speaking, I would save your money and stick with 2. The Wii is something that is sometimes just as fun to watch someone play as it is to play.
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