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ksv said:
This update risks bricking your console no matter what. Whether you have "modded" it or not makes ABSOLUTELY NO DIFFERENCE. The fact is, this is a firmware update that includes the boot2 file, and like any update of a computer BIOS, there is always a risk of bricking. So, Nintendo, in a useless attempt to get rid of homebrew (because this update has no new features or enhancements for the customers) risk bricking the Wiis of many many legit customers.

I am dead scared of running this update, as I live in Europe and own a Wii bought from Canada, getting it repaired will not be easy for me if something happens, and then I'd lose all the VC games i've spent hundreds of dollars on.

Sucks.

Just don't stop the update process and you'll be fine. If you think it isn't doing anything, wait longer. It takes 10-15mins or so.