I just figured that this would be news-worthy and I didn't see it anywhere on the site:
[url]http://www.youtube.com/watch?v=FHMxReeVlPM[/url]
Skip to 3:33 if you don't want to hear all the technical stuff and just want to see the demonstration. They found a way to extract the encryption/decryption keys, so now both piracy and homebrew are possible on an unmodded console, possibly bypassing the DMCA. Homebrew is also getting access to Wii controller data.