It seems a bit expensive... a softmod is more than adequate for backing up your games. Some games are more difficult to get working on a softmodded wii (i.e. red steel 2 & monster hunter tri) but most games work fine (new super mario bros, donkey kong country, mario galaxy series, etc etc..). It seems like the reason to buy this would be to play backed up gamecube games since it's a bit more difficult to do so on a soft modded wii.
On a soft modded wii you can
-play wii games via wii loader
-add channels via wad installer (channels appear as .wad fies)
-play .wad files backed up to an SD card or DVD via "uloader"
-use emulators
-i hear you can play gamecube games backed up to DVDs, but never figured that one out