Nintendo has released Firmware Update 3.4. Here is the changelog from the update:

3.4 Change Log:

* Wii Points will soon be called Nintendo Points, and all references as such will be updated. All other functionality with Nintendo Points will remain the same.
* The controller usage explanation screen will be updated.
* The controller usage explanation screen will be separated from the purchase screen. Along with this, the user will be prompted to confirm that they have any necessary accessories before being able to press the Purchase button.
* The design of the icons displayed will be updated.

 (From users at NES-Hacks) The latest unconfirmed info is as follows:

• Installed WADS will still work as long as you dont use WAD manager (Channels will disappear)
• Homebrew Channel still works but some apps wont
• Modchips are NOT affected
• Backup Loader still works
• GeckoOS still works
• You CANNOT install WADs after you update to 3.4
• Region Changer will NOT work
• Downgrader will NOT work

It is recommended that you not update until a patch has been released.