Okay I've been poking around as I had some questions too, so I took the plunge and did a poke;
- You can copy your virtual console games or save games onto it, BUT CAN NOT PLAY FROM IT
- Comes in handy if you are running out of room, so instead of going all the way through the VC store to download the game again, just copy the rom from the memory card back onto the wii.
Okay I guess others have found good uses for the memory card no? (besides photos)