Homebrewer Crediar has recorded a video of a truly epic series of Wii Menu hacks that pretty much bust the system open. All kinds of hacks are on display, both cosmetic and substantial.
Most notably, Crediar has opened up the system not just to discs from every region, but channels (which suggests Virtual Console games), and, according to the text included with the video at DCEmu, GameCube games as well. The Wii's "rescue menu" (used to boot diagnostic discs, apparently) can now be used to boot all discs. And then, for fun, the health warning and the background music were disabled. Now that's just showing off.