If you put in a chip you will still need the updates to make some games run, either the ios updates or the firmware. As far as I know homebrew channel and most other features still work in 3.4. So this might me a non-issue. I soft modded my wii, then when I had a brick issue, I got a wiikey clip, and was able to unbrick my wii. I still run it at 3.2, so I can install starfall. But i also had to install new ios's to make NFS undercover to work.