As a native, I'm glad the Wharf is in SF, because it keeps all of the tourists out of our hair!
I've played tour guide plenty of times for friends and family in the city and have been able to enjoy the Wharf for what it is, but it's not someplace I'd go back to on my own.
The V&A waterfront seems to be a major focal point for Capetown, tourist and non-tourist alike. I think it's alot more interesting than the Wharf as well. But that may be because I don't live there.