Considering you've been able to play bootlegs on the thing with a 4 cent PIC that could be programmed with a $5 device, I'd say the Wii was hacked months ago. 
There's a lot of interesting possibilities with the Wii, but without development kits I don't really see much coming out of this. And honestly, what would you -really- want the Wii to do?
Play DVDs? Play divx? No thanks.
Emulators that let me use the Wiimote would be nice, especially once someone hacks the Virtual Console titles.
If we see any homebrew besides waggle-tetris, I'll be surprised.
Well considering those chips are hard to install and void your warranty and only allow you to run pirated backups and gamecube (not wii) homebrew then you'd be wrong on that assumption. To put it blunty, the disc format, until recently could not be cracked and thus you could only play either gamecube homebrew (which can't use the wiimote ect...) or stuff that's already been developed with a proper key, even though the key is bypassed (wii pirated games). This expolit is a direct result of the recent ability to get encrypiton keys from the wii and thus is an example of WII homebrew, NOT gc homebrew.
The virtual consoles are already "hacked" in a sense, it's just a few more steps have to be achieved before something is playable. See the geniuses at nintendo decided to put the "emulators" that run the vc demos on the smash bros disc in unencrypted form because the disc itself is encrypted. Well disc encryption was recently cracked on the wii and some has already written a utility that can extract the roms on the smash bros disc and found that they are perfectly playable on pc emulators. Once a disc writing utility is released and/or an elf loader we'll be able to roll our own vc titles via the smash bros emulators.
I'm not particularly interested in a media player or homebrew games at all. What I am interested in are emulators and "widgets" made by the decryption of things such as the vc games and the internet channel. The wii's unique channel system makes for a very flexible platform on which to make smaller apps and try out smaller applications without the annoyance of having to burn things to a disc.
And just for the record, I made this post simply to announce to everyone that the exploit was out in case anyone was interested, not to have half a dozen haters chime in and say how the wii sucks or homebrew on the wii is gonna suck. Seriously? You guys have nothing better to do?