It does not allow region free however it allows New Super Mario Bros. Wii which previoulsly wont work because of the BCA protection to now work.
After a solid week of beta testing (thanks to our distributors and Xavbox) we are pleased to announce the release of v1.3 ('Odyssey') of the Wiikey 2 firmware. This is a DVD update which can be downloaded and applied immediately. This fix includes a hardcoded BCA for NSMB which will allow owners of original copies of this game to play their backups without any issues. There is no need to apply a patch to the .iso.