A preview of what's on the way for the rest of the world: four months after 3.4, Nintendo has sent out Wii System Menu version 3.5 in Korea. The specific feature changes are as yet unknown, but in terms of security updates, it includes IOS254 code, which, like IOS9, blocks the use of the PatchMii program (a custom update manager tool).
The new menu apparently adds some kind of updates to the Shop Channel, and adds a "Region Select Channel," which the Wiibrew wiki suggests is nowhere near as exciting as it sounds. Until we find out for certain that this somehow blocks new installations of the Homebrew Channel, or removes existing ones, we're going to refrain from panicking. And even in that case, we don't mind waiting a week or so for someone to fix it.