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Anfebious said:
Let's hope it's as easy as hacking a Wii.

It's not like that, exactly. At least, the way I think you mean of "hacking a Wii" to add homebrew and *ahem* stuff.

This is an optical disc drive emulator, so the point of it is to keep official firmware on your system so you can keep the latest updates and go online, etc., and never have any problems with that stuff. In order to use this you have to buy the Cobra device from them and use a external HDD to store your stuff. You can't just use a software exploit currently like you did on Wii.