Aussie-Nintendo's final words on this is that it is a superb product that does what it says it does. It sure beats forking out a few hundred dollars more for another Wii. Of course, they will need to get more other-region discs to truly say it works like a charm, but by immediate tests have proven positive.
This is something that gamers have waited around 2 years for. Kudos to Datel for giving this to them sooner rather than later.