Word to the wise: It looks like if you update your Wii, the Twilight Princess save data will be deleted if it corrupted by the well-known exploit. A new update to the Wii system will “check for and automatically remove such save files” that are unauthorized save files. So, it looks like those who wish to update their Wii system will no longer be able to take advantage of the notorious Twilight Princess hack in the future.
Update: “With this update, you can now move a Mii from the Mii plaza to the Mii parade in the Mii Channel. To do this, simply pick up a Mii using the A and B buttons and then release it over the Mii Parade icon in the upper right corner of the screen.” – Nintendo Wii email
Update 2: Reports are coming in that the Wii Freeloader no longer works with this new update. Also, most have been able to use the homebrew channel, but if it was not installed before the update, it still seems that you will be unable to install it after the update.