A system for reservoir formation characterization with a downhole wireless telemetry system, including at least one sensor disposed along a tubular body; at least one sensor communications node placed along the tubular body and affixed to a wall of the tubular body, the sensor communications node being in communication with the at least one sensor and configured to receive signals therefrom; a topside communications node placed proximate a surface; a plurality of intermediate communications nodes spaced along the tubular body and attached to a wall of the tubular body, wherein the intermediate communications nodes are configured to transmit signals received from the at least one sensor communications node to the topside communications node in substantially a node-to-node arrangement; a receiver at the surface configured to receive signals from the topside communications node; and a topside data acquisition system structured and arranged to communicate with the topside communications node. A method for reservoir formation characterization is also provided.