i am also wondering. i just picked up a used wii at gamestop with the intent of making it as awesome as possible, with as few downsides as possible.
it came with 3.4u, wondering if I should update so I can use the newer stuff that nintendo is using, and if i do, what will that block me from doing hackwise.
I read something about the preloaded not being able to run on the latest 4.0u firmware?
from what i understand the preloader is like a shortcut to boot you right into a wiiflow or coverflow type program? with this, can you still get into the main system menu?
should downgrade it to 3.2? I want to be sure i can run opera and youtube or any other cool channels as they come availble too.