Running games directly from encripted external storage, can lead to much larger game-loading times, so I wouldn't put much faith in that.
Actually this is not a true statement. The external HD will be encrypted to the Users not the internal OS of the Wii. The games will load as if there is no encryption at all. Apple has done this with their OSX and internal HDs.
However, what the Smash info indicates is that they are working on a way to save directly to the SD card. This may mean that Nintendo is working on a way to save Wii ware and VC games to the SD card. This would allow users to transfer games to and from the internal memory of the Wii to a SD card and Vice Versa. This could be the refrigerator statement that Perrin used.
If Nintendo is successful at the moment, it’s because they are good, and I cannot blame them for that. What we should do is try to be just as good.----Laurent Benadiba
