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Current homebrew status: Works! ELF loader created, check out Twilight Hack. As of version alpha3a you can load files from USB Gecko, or the internal SD slot on the Wii.
A Homebrew Channel has been released.
The Zelda: TP Exploit (Twilight Hack)
(No longer working as of June 16 3.3 update) bushing, tmbinc and segher were able to modify a save game for Zelda: TP that would make the Wii crash and were then able to inject their own code. No hardware modification is needed.
Only works if you have installed a drivechip. Lets you run homebrew by burning it to a DVD. This program fixes the signing of discs and some other stuff using an undisclosed bug in the signature checking. Some people don't like to talk about it because they feel it is too easily patched and/or requires hardware modifications. Datel didn't use this tool for their freeloader product, but are using the same exploit.
Works! Homebrew Channel. You can add apps to the menu with simple .xml-code
Requires firmware version 3.2 in order to install and run correctly. Remember to remove all GCN memory cards if you experience any issues!
Wii System Updates
Changes: Blocked TP hack. Bushing is working on a workaround.
Changes: No major feature changes, some unknown background work which allegedly improves system performance. Most noted is a large increase in speed when switching between channels and settings pages. No other effects are discernable.
Side Effects: 3.2 does not appear to affect any hacks.
NTSC US Smash Bros. Brawl Update
Changes: The changes made are uncertain. Is so far only available through playing US Brawl, not a WiFi update. A diff of the US update partitions compared to the JP versions is here. All updates on the disc other than RVL-WiiSystemmenu-v257 have been seen on US discs before.
Side Effects: Does not appear to affect any hacks.