There are a few things to be concerned about as regards wireless "tone". Most of them are just differences; "better" or "worse" is subjective (as it is for cables):
1. Pickup loading. The transmitter will almost certainly present a different impedance (resistance and capacitance) to the pickups. Not really an issue if you have active electronics in your guitar, but it does make a difference to passive guitar electronics. You should be able to compensate for most of this using EQ after the receiver, near the head of your signal chain.
2. Noise. The transmitter has its own active electronics. That's a noise source. A good wireless will have a really low noise floor, but even that can be noticeable if your gain is high enough.
3. Dynamics. Ideally, the wireless signal chain will follow the level of your signal perfectly all the way from the noise floor up to the clipping limit. In practice (at least IME), this is where most wireless units fall short. In the best case, the wireless will mute very low signals (mostly in an attempt to suppress the noise that I mentioned above). In the worst case, the levels can have weird discontinuities caused by the transmitter-side compressor and the receiver-side expander not tracking each other properly.
4. Level matching. This is a special case of 3, but worth mentioning separately because some receivers allow you to adjust output level and some transmitters allow you to adjust input level. You can, of course, compensate elsewhere in your signal chain. Really, though, you'd like to have the level be the same as if you used an instrument cable.