They're very similar in playability, Lady Avalon, and in storyline and style. A lot of the same type of critters (Rattkins, etc.) first appeared in the Wizardry stories. The NPC's are very similar in construction and humor as well. All of the Wizardries feature a 6-character party (although I think Wiz 8 will allow up to 10!) and have similar roles and allow for role changes like Wizards and Warriors does.
In short, Wizards and Warriors is a 3D graphics engine return to the Wizardry saga.

That's why I think a lot of us WW players were originally Wizardry veterans.
Hope this helps!
-Sazerac