Originally Posted by UnlockIt
Actually, Team Twiizer's work had nothing to do with the public key. Since unsigned code could already be run in Gamecube mode, they wrote a program to extract the keys from memory, and shorted something to gain access to the Wii's portion of memory.
The entire point of using a public key is that it doesn't give hackers the private key. So while the public key won't help much, the private key could still be stored somewhere (in memory, on the flash, on the hdd, etc.)