Avoid this update at all cost's untill we have found a work around hack to bypass the trucha fix. Nintendo has fully broken the current downgrade method. so far No one has found a solution for this. We are currently in the process of analizing the update.
What is know.
The downgrading methods and any trucha bug based tools have been fully broken.
Many of the old system IOS's have been reduced to simple stub loaders that are no longer used by the system menu. this includes IOS 16.
The SD loading is actually nothing more than an automated copy process. It will transfer the file from SD to the nand and execute it. It then deletes it from the nand after the game is finished. This may result in issues with the internal flash. constant writing and deleting of files from the nand can over time were down the system. Don't worry though by the time that would happen We will all be dead and gone.
The shop channel is updated yet again as well. looks like it uses IOS 61 now.
The HBC will still work as long as it was installed before the update.
The CIOS with the backup launcher is still in place if they were there before the update. They will work. If they weren't there you are SOL for now.
Cheats will still work and the Gecko OS system still works perfectly. I don't know if USB Gecko still works but I would think it would.
Pirates and hackers alike are working togeather to find a fix for the broken wad installs. (AKA a downgrade/wad install fix)
The DVDX feature is still useable.
Twilight hack has been fully destroyed (at least for now)
Team twiizers is working on new exploits for the system
Boot mii is set back until the above is done.
What Isn't known.
We have yet to determine which IOS the system menu is running on.
Weather the previously used system menu hacks will work.
Too scared to try preloader untill the analasys is complete so we know weather they managed to finally include a signing check for the system menu.
If the GC Backup launcher will be useable or not.
All in all the piracy side of homebrew has been hit very hard by this update. We are all hopeful that there will be a fix in place in the near future. I am watching the info closely and analysing all the possible options before I update.
We are also looking for a possible way to take the SD card loading support and add it to older versions of the system menu.