released today BannerBomb v2 for the Wii System Menu 4.2. From what I have read, it works great on 4.2 E/U Firmware. But give a try for yourself and let us know your experience with it.
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To quote: I can't get enough of a sample size on IRC, maybe he can help. This version is for 4.2 only, any region. I'm have absolutely no idea how consistently it will work, but I'd appreciate if you'd test it whether or not you already have homebrew.
Actually, they didn't even try to fix the actual exploit. The only change was that the size of banners in saved channels is now limited to 100 kilobytes. After several months, that's their "fix".
Still, it means that the 400kish nop sled in bannerbomb can't fit anymore; I think the SD menu is somewhat more reliable than data management with respect to memory addresses, but not sure yet.
For this version, instead of Data Management, you must use the SD menu.