This was posted by someone in another forum.
"I have actually had a LONG conversation with one of the codejunkies technical experts over the phone yesterday, when I ordered freeloader (the phone call at their expense - they called me back!)
This is what freeloader does, confirmed by codejunkies staff, who actually investigated my questions when I asked about it, TESTED it, and then called me back:
• WII FREELOADER IGNORES ALL REGION-CODING.
• WII FREELOADER IGNORES ALL WII UPDATES ON A FOREIGN-REGION WII GAME DISK (INCLUDING SUPER SMASH BROS. BRAWL).
• WII FREELOADER IGNORES THE NECESSITY OF CHECKING FOR GAME UPDATES; THUS ALLOWING THE GAME FILES TO BE PLAYED SAFELY WITHOUT ANY RISK OF BRICKING YOUR WII CONSOLE.
• CODEJUNKIES STAFF HAVE CONFIRMED TO ME, BY PHONE, THAT IF A WII FIRMWARE UPDATE SOMEHOW BLOCKS THE WII FREELOADER, THEY WILL SEND YOU AN UPDATED WII FREELOADER FREE OF CHARGE WHEN ONE IS CREATED, AS LONG AS YOU HAVE PROOF OF PURCHASE OF YOUR ORIGINAL COPY OF WII FREELOADER.
• YOU CAN UPDATE YOUR WII CONSOLE SAFELY BY EITHER OF THE TWO NORMAL METHODS (1: WHEN NINTENDO SENDS YOU A WII-MAIL, 2: BY THE "UPDATE WII SYSTEM" OPTION IN THE WII SETTINGS) WITHOUT RISKING INOPERABILITY OF YOUR NINTENDO WII CONSOLE. "
http://www.officialnintendomagazine.co.uk/forums/viewtopic.php?p=215974