This update vastly improves the time taken to transfer WiiWare or Virtual Console games to a SD card. Some have said it is now around 5x faster with a 320 block game such as World of Goo taking around 20 – 30 seconds to transfer (depending on what brand your SD card is).
Transferring back to the Wii was pretty speedy to begin with, it is hard to say if it is now any quicker. Maybe with the next update Nintendo will add one-click functions to transfer games from the main Wii interface. If this is the case then we might forgive them for not yet releasing a HDD solution.
So one step closer to a storage solution and another step taken to thwart fans of the homebrew channel!