I could tell from the previews that this movie would have a lot to do with the 1982 mini-series (Four issues and called just plain “Wolverine”). Is the movie based on the mini-series? Yes, but VERY loosely. Marvel does indeed have a page on their wikia about it, but they warn the reader that it contains spoilers, so I recommend checking that out after one has seen the film.
Reminds me a little bit of the film Hansel and Gretel, which I saw on DVD a little while ago. In both films, the hero takes lots and LOTS of physical punishment. The difference with Wolverine is that we know he can take it. Hansel doesn't take too much punishment, but Gretel sure did. She ends up being victorious and none the worse for wear, but her being non-super-powered means that I winced a lot more than I did with Wolverine.