When you talk about the Wheel of Fortune bonus wheel, yes, that wheel is weighted, and yes, the slices next to the 1,000 coin slice have a lot more weight on the wheel than the 1,000 coin slice. As such, you get a lot of "near misses" with the big prize wedge. Even though the wheel has every appearance of being fair (evenly spaced slices), there is no regulation that requires the slices to have an equal likelyhood of being hit. (Video roulette wheels, on the other hand, DO have that requirement.)
As far as near-miss technology on slots go, it was outlawed, to a point. Old Universal brand slot machines has programming that would first (fairly) determine if the outcome was a win or a loss, but then occasionally if it was a loss that would have displayed, "blank - blank - single bar" or something boring like that, it could instead display "7 - 7 - blank." The outcome was the same -- the player got paid zero, but it made it seem more like they "almost" won.
The short version of the story is that IGT complained, and the gaming folks agreed with IGT and said, "that's not right -- you can't have an alternate set of results that display on a losing spin to make it seem like they were closer to the jackpot than the actual spin should have displayed."
Enter the Telnaes patent. IGT bought the rights to this patent and then went on to create machines that would also generate near misses, but legally. On a traditional reel slot (and the concept can carry over to video slots, too), there is the physical reel with 22 stops, and a virtual reel with any number of stops -- 64, 128, or whatever. Using the idea in that patent, IGT added a ton of virtual stops on the blank spaces directly above or below the jackpot symbol on the physical reel. As such, you would "almost" hit the jackpot (or "7") symbol many more times than you would actually hit it. Since the outcome of the virtual reel to physical reel translation wasn't being manipulated after the result was determined (like it was with the old Universal slots), it wasn't against the law. The end result is "legal" near-misses.
More reading:
http://robison.casinocitytimes.com/article/ask-the-slot-expert-slot-machine-payline-398
http://casinogambling.about.com/cs/slots/a/slotreel_2.htm