I've heard that it works, but still UPDATE AT YOUR OWN RISK
This is a bit old by now, but late than never Someone leaked the new firmware upgrade for the Wiikey and here's the response from the Wiikey Team:
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[07-09-03]Wiikey update 1.9b
A leaked version of the wiikey firmware update is available on several websites. While the leaked firmware is indeed working and has all of the announced features, it has not yet been fully tested and does not come with the configuration and recovery discs. A full version will be available from wiikey.cn very soon.
And here's the new features:
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- audiofix fixed
dual layer support (no bitsetting required)
improved media support (all supported chipsets)
full Gamecube regionfree (no-swap/video setup)
various "smaller" improvements/fixes
workaround for FW 3.0 gameid limitation
(existing wkb 1.2 discs will boot again)
"on the fly" settings for gc games (by holding buttons)
toggle audiofix, diskspeed, force NTSC/PAL