I have a wiikey,updated no problem. It does not affect modchips. The disclaimer said it "might" render a modded system useless.
It simply updated to allow the use of the systems Mii's and WiiConnect24 to use your address list for registered friends for vouchers. That's about it.
!SUPERMOD! *blu mushroom*
Sovieto2? Has ur sovieto account actually been banned lol?
Also i got an update like this on Mario Strikers....it must have something to do with games with some sort of online capability.....