No, that's basically it.As far as I understand it, all I have to do is open up the Wii, install the chip, then I can play backups of games, correct? Or is there more to it than that?
Yes but avoid updating to 4.2 as it'll prevent you loading out of region games with the modchip.Can I connect to the internet safely with this?
Probably but I don't have that information.Are there any known issues with using these?
I think pretty much everything works in some fashion with modchips, even NSMB with it's BCA encryption has workarounds.Are there any games are will definitely not work with this chip?
Up until the advent of 4.2 the only real way to keep a hardmodded Wii up to date with latest games was to run disc updates, now since 4.2 is appearing on discs this no longer makes sense. To keep up to date you would need to consider softmodding in addition to your hardmod to install IOS as required as games are released with newer revisions/versions.I see people saying to not update through the Wii. Does that mean there is another method to keep your Wii up-to-date? Can I download updates from a reliable souce, then 'install' them onto my Wii, so I get the benefits of the update without the drawbacks?
A modchip will provide you with a few things.Is there anything else I can do once my Wii is chipped, other than play backups? Before I got this Wii, I didn't even have knowledge of what an unmodded Wii can do, let alone a modded one. I don't have a controller for it yet (ordered one last night), so I cannot even check the basics.
1) Ability to load out of region games (not in 4.2 though)
2) Ability to load backup games on DVD-R directly from the disc channel.
3) Allow you to boot directly to a game with the correct configuration of the modchip.
They are simple beasts after all.
A nice softmod can provide you with Emulators, Media playing capability, brick protection, USB loading etc.
I have both hard and softmods and am very happy with my setup.