Before making individual replies I want to make one thing clear - Nintendo has never tried to block modified systems. If you read the root cause behind the Paper Mario problem you will find that the issue was the modchip disabling region checking on the game which had an update built in for those who DIDNT connect to the internet. People with an active internet connection didnt have a problem.
The new design of Wii (which I happen to own) was not to block mod chips. Most of the old chips still work if you install them with wires (instead of quick solder).
sagema: What do you say if I own the emulated games?
Digitalldj: There are hundreds of great games that will never be released for VC. A "buck or two" isnt accurate, at an average of 5-10$ each, 20 games would cost approximately 140$ (at 7 dollars each).....
Trulen: My reply to Digitaldj is also partially intended for you. Lets say 50$ is the cheapest softmod. That is still cheaper than 10 VC games!