I'm probably going to have to update my Wii soon, so I have to know what's the worst thing that could happen? I've done my research and I don't think I'll get bricked, but I'm just keeping on the safe side. Sorry for the noobish question.
Also, it's worth noting I have Hombrew Channel 1.0.7 or above.
I'm actually thinking about updating soon...
I have 4.2u but still want the update :P
I know it won't brick...
but I'm still precarious about if it will delete anything :/
I didn't update, because it nothing more then a piracy protection-update...
As soon as there will be something new, for the paying customer, i would update.