This definitely is not neutral. A good R.O.B. will take down a good Wolf fairly easily, simply because it's very easy to anticipate how Wolf must recover. Up+b aside, which I don't feel I need to cover, his side+B recovery can be very predictable and easy for a b-air in the face.
R.O.B. definitely has the projectile advantage, not Wolf. R.O.B. can throw out a projectile in a myriad of useful trajectories safely at nearly any time and from a nearly infinite distance. Wolf cannot. Wolf's reflector is far more useful for stunning than it is for reflecting because R.O.B. can shoot projectile during periods a Wolf cannot realistically reflect.
R.O.B.'s aerials also greatly outrange most of Wolf's aerials except for his b-air, which trades hits with R.O.B.'s f-air.
Wolf's main problem is that he is very easy to gimp (I'm not kidding about this). A ledgecamping R.O.B. will effectively neutralize most of Wolf's best approaches (it's much worse against Falco) and there's no real easy get around for Wolf without putting himself in the gimp zone for R.O.B.
A Wolf has to be really aggro against a R.O.B. to break through R.O.B.'s formidable defenses. Once the Wolf gets inside, he can wreak some real damage if the R.O.B. isn't fighting back properly (which may very well happen considering Wolfs don't seem to be as popular as Falcos and people may try to handle Wolf the same way as Falco, which they definitely should not). In other words, you have to keep getting in R.O.B.'s face. The reflector approach is not something a lot of R.O.B.s expect to work so well, and for a while R.O.B.s will underestimate the range and power of Wolf's b-air (similar to Donkey Kong's). But you have to keep overwhelming R.O.B. to stand a chance. Play loosey-goosey won't win you games against a character that, by nature, is designed to win by preventing the opponent from doing what he wants to do.
Also, R.O.B.s can deal a lot of damage surprisingly quickly. A lot of R.O.B.s play Brawl like tight-played poker, waiting for opportunities to present themselves. Since Wolf can have lots of holes where he leaves himself open, a R.O.B. can capitalize fairly quickly and turn what seemed like weak attacks into combos and projectile snipes that can really wear down Wolf. Sure, a "well-spaced Wolf" will do well, but what if the R.O.B. spaces himself well too? A Wolf's f-smash and f-tilt will clash with R.O.B.'s f-tilt and R.O.B.s f-tilt will hit Wolf before he can finish a d-smash. Plus, in the air, R.O.B.s fair is easy to space due to its huge disjointed hurtbox, whereas Wolf needs to space particularly well against R.O.B. to do well. The blindspot below R.O.B. will never become a problem to a good R.O.B. because a good R.O.B. will never let it become a problem, and if you think R.O.B. is weak from behind, then you have been hit enough by his b-air yet.
And any decent R.O.B. won't laser a space animal the moment the match starts. If you're in a closed in level like Yoshi's island, you might just be setting yourself up for being caught off-guard.