Of what use is this? With WiiConnect24, bugs like this will be fixed often. Also, they've just found a way to run code on the Wii. They haven't coded anything yet, and that may prove to be more difficult.
There is stuff coded already for the gamecube, and the Wii can run it.
Also, I'm unsure what exactly will run, but if GCOS can be run, there are..... questionable activities.... that may be able to take place with this hack.
As for WiiConnect, if you really want to run this stuff, don't connect. Simple as that.