This should be made a sticky at least temporarily until this issue is totally resolved.

DO NOT UPDATE TO 4.2!!!

Nintendo just released a new 4.2 update. They did not say what is included in it. The reason being is because it just kills all your homebrew installed on your Wii and they don't want you to know this. Someone actually updated their Wii via Nintendo and they lost all homebrew. Do not be stupid and update via the Wii settings or through disc updates thinking that you will get the 4.1 update. You can always use a hacked update for now. For now there is only hacked updates for everything up to 4.1 and nothing for 4.2. There might not be a hacked update for 4.2 for a while because the creator of all Wii homebrew has stepped away from Wii hacking.

So I repeat, DO NOT UPDATE TO 4.2!!!