I said looks like because as a developer I haven't used Checkout vs Wallet APIs, but people I've spoken with have told me Wallet is a lot easier to work with. Also Wallet is already on millions of consumer devices and likely has far more users already in their system. This doesn't mean it wouldn't have been better to merge the two products, but seeing as they are disparate systems Wallet looks like the superior of the two.
Google Wallet looks like a big improvement over their old system.