You did beat me to it. Good Game
Edit: I wanted to give further clarification to the other forum members.
According to my understanding of the Wii's internals and the explanation given in this video it should be possible to run "any" code on an unmodified Wii with no modchip installed. In other words a full soft mod giving you more functionality than a mod chip. We should eventually see boot loader discs similar to the "Crazy Taxi" discs that were so popular for PS2. It will also become possible to store multiple Wii/Gamecube games on a single disc.
This soft mod is only a tool. How others choose to use it is up to them. In a perfect world it would lead to everyone buying a Wii to download and play games that community members have made. In the real world it may lead to more piracy.
As laderer5 said Nintendo can try to stop this but it will ultimately be pointless. Any revoked keys could easily be replaced with little effort. They cannot block the "mod" with future hardware revisions because they have to retain backwards compatibility with current systems. If you can build a small electronics kit and have an above average ability to write code you should be able to recreate the key extraction.
To make a long story short this is essentially the Wii equivalent to DeCSS