To quote from Bushing's page linked above: ChipD is a lean, mean, solderin' machine -- I have some of these TSOP sockets, and they are really really hard to solder down to a PCB that you actually care about. Also, they tend to melt if you breathe on them -- but maybe that's just me. I really like the way he made that slick cutout panel for the socket.
Beyond soldering a socket in place of the NAND flash chip, he programmed two spare flash chips with dumps from a PAL Wii and an NTSC/J Wii. He converted those two dumps to run on his Wii using an early version of some of my UnbrickMii project code ("betwiin").
No news yet on release plans; it still needs a lot of work, but it's interesting to note that there are absolutely no hardware differences between Wiis from different regions.