whilst looking for something else, I stumbled across this in the AHD usage guide -- it really just backs up what NW posted:

-wise
The suffix -wise forms adverbs when it attaches to adjectives or nouns. It comes from an Old English suffix -wise, which meant “in a particular direction or manner.” Thus clockwise means “in the direction that a clock goes,” and likewise means “in like manner, similarly.” For the last fifty years or so, -wise has also meant “with respect to,” as in saleswise, meaning “with respect to sales,” and taxwise, meaning “with respect to taxes.” Many people consider this usage awkward, however, and you may want to avoid it, especially in formal settings.