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Just follow one of the guides for if your already on 4.2 and you didn't use the waninko's safe 4.2 updater.
I have a Wiikey 2 and softmod, and updated to 4.2 with no troubles.
I had first just updated the shop channel to 4.2, then I used the Waninko's safe updater
I already had homebrew channel installed etc, updated of course to the latest 0.6 and Wad manager 1.5
So yeah my Wiikey 2 works fine, you just can't play other regions with it, which I don't anyway.
You can use the homebrew backup loaders for that.
Its always a good idea to find out about the System Menu updates before you do them.
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