It looks bad, and appears a bit like Jason Smith's wild lurch into Blake Griffin, a hit that resulted in a two-game suspension. Due to the similarity between these flagrant fouls, some are calling for Wade to be further punished. 

That's not going to happen. According to ESPN's Brian Windhorst, the "NBA will not upgrade or further punish Dwyane Wade for his flagrant foul on Darren Collison last night." 

It seems like Dwyane Wade's receiving "star treatment" here, but this is the right call.

Watch the play again, and notice Danny Granger's errant pass. The ball is thrown well behind Collison, forcing the point guard to slow in front of Wade.

While I believe Wade intended to deliver a hit much in the way Smith did, Dwyane has a slight alibi. Jason Smith's premeditated intent had no camouflage, and Wade can plausibly blame circumstance. 

Also, more importantly, playoff games are worth more suspension-wise than regular season games. This is why Metta World Peace is back already. Had he leveled James Harden early in the season, he likely would have been gone longer.

Unless a player commits a zero-tolerance sin like leaving the bench or touching a ref, the league will generally err on the side of not suspending.