As far as I've knew :

First method : Modchip ( Wiikey ori and clone and etc )
So far still best compare to softmod, not influence by
firmware update, which might broken HBC and other HB software
such as Backup launcher 0.3

Second method : Softmod (exploit using ZTP + Backup launcher 0.3)
Need quite complicated steps, actually just follow the
instruction, you wont go wrong. Compatibility so far is 90-95%, comparing with modchip is 99%. Minor video issue, stuttering, some reported to be freezing at games, means high possible to spoil your gaming mood!

After install modchip / softmod most of the region issue will be solved.
Actually, if you have HBC, just use the AnyRegion Changer 1.2, to change your wii to the region/langauge that you want, and downgrade to 3.2U, so far the best firmware, all other 3.3/3.4 will cause problem on the HBC/Homebrew.

BTW, the Wii Music / Fatal Frame 4 system update can be skipped using Gecko OS 1.07,
just insert the game and open this homebrew. If anyone cannot find the Gecko OS Channel,
could pm me.

This post has been edited by karising: Dec 4 2008, 12:36 AM

This link should help people who needs Gecko :

http://www.nes-hacks.com/get-gecko-os-as-a-channel/481/

This post has been edited by karising: Dec 6 2008, 04:24 PM