Basically right, except replace cIOS with IOS.All previous versions should be able to play all games from what i gathered you just have to have the right cios's installed
This is not. 4.2 has nothing to do with you being able to install bootmii as boot 2. I dunno where people get this from. If the console is old enough and has vulnerable boot 1 then bootmii can be installed as boot2. 4.2 does nothing to stop that it just overwrites it with a boot2v4. It entirley depends on the consoles age and if you could install boot2 on it before 4.2 then you can do it after as well.the only reason i see to not update to 4.2 is that it prevents you from using boot2(sadly i was a happy go lucky idiot and didnt stop to check if i could homebrew the wii) so i updated to 4.2 then found out hey you can homebrew it so used bannerbomb and now its homebrew but sadly i cant use boot2 lol but if you want to keep boot2 then dont UPGRADE(lol).